Wheat has rallied over 40 cents in the past 10 days as world weather becomes a concern. Canada, Australia, Argentina, Russia, and the US are all experiencing weather issues with their wheat crops.
The US and China have a preliminary agreement for China to increase their imports of US Ag goods by $25 billion a year. China currently imports about $20 billion of US agricultural products. This deal would more than double US ag exports to China. It is important to note this deal will take two to five years to fully implement, and that is if it is finalized. If I had to bet on a winner going forward it would be wheat. Why? Because we have too much of it and it is readily available for export. Time will tell…
While the podcast does not have specific actionable trading recommendations, we do publish them in Turner’s Take Market Alert for spec traders and Turner’s Take Ag Marketing for hedgers. Want to know what to look for in the commodity futures markets? Take a listen to Turner’s Take podcast!
Craig Turner – Commodity Futures Broker
Turner’s Take Ag Marketing http://www.turnerstakeag.com
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Turner’s Take Ag Marketing | 2018 Corn Outlook - Turner’s Take Ag Marketing sees 2018 corn prices having a possible range from $3.15 to $4.50 given various acreage, supply and demand scenarios, with an end of season target price of $3.70. Find out more about how we determine the range of prices, our suggested marketing strategies, and our 2018 target prices.
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