Market Signals Weekly Report

The following are comments and discussion items from the weekly conference call of the Market Signals Team.

Discussion Items:

• US soybean and wheat futures dropped from May highs on lower demand for US exports.
• Corn futures rallied from recent lows on concern about US spring weather.
• SN3 dropped from $13.50 to $12.94 on a bearish longterm US Midwest forecast.
• CN3 rallied from $5.47 to $6.06 on firm US domestic basis only to drop Monday on better weather forecast.
• WN3 dropped from $6.24 to $5.88 on slowdown in demand for US wheat.
• KWN3 dropped from $8.58 to $7.78 on demand worries.
• Managed funds are estimated to be net short 120,000 Chicago wheat,91,000 corn and 30,000 soyoil.
• Managed funds are estimated to be net long 8,000 soybeans and 77,000 soymeal.
• USDA NASS released 92% corn is planted with 69% good to excellent.  Planting pace is what trade expected, but condition is 2 points below pre-report estimates.
• Soybeans planted is estimated at 83% planted with trade estimating 82%.

Performance Charts

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