Play Turner’s Take Ag Marketing Podcast Episode 256

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The December WASDE was neutral for corn and soybeans and moderately bullish for wheat. The corn balance sheet was unchanged while the soybean crush was increased 15mm bushels bringing ending stocks to 175mm.  We view this report as supportive for all the major grain and oilseed markets.  If you want to know more then take a listen to this week’s Turner’s Take Podcast!

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WASDE

Pre report soybeans were up 15 cents as traders with short positions feared the USDA could surprise the market and increase exports.  The USDA only increased the crush by 15mm bushels and soybean prices came back down by the close.  The corn balance sheet was unchanged while wheat got tighter, lead by a 5mm mt decrease in global stocks.

This report was neutral but will be viewed as supportive for elevated prices in corn, soybeans and wheat.  The market will now focus on S. American weather and daily export announcements until it is time to anticipate the Jan 2021 WASDE. Below is a good summary of the report today

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Soybeans

Below we have two charts to show how tight soybeans are this year in the US and around the world. The first is US farm price of soybeans vs the stock/use ratio.  US soybean stock/use is now 3.86%.  If stocks stay this tight or get tighter the chart below suggest soybeans can trade $13 or higher.

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This chart shows the three major exporter carry outs vs their stock/use ratios.  Things are going to get real tight not just in the US but in the global exporting market too!  If you want ideas on how to get long soybeans before the January 2021 WASDE please call or email me. My number is 312-706-7610 and email is [email protected] 

If you are interested in working with Craig Turner for hedging and marketing, then click here to open an account.  If you are a speculative or online trader then please click here.

 

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