Play Turner’s Take Ag Marketing Podcast Episode 260
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | Subscribe to Turner's Take Podcast
If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes!
New Podcast
As Gordon Gecko said in Wall Street, “if you’re not inside, you’re outside”. The price action today in corn and soybeans reminded me of that famous scene. There was not much new in the press or from the USDA. Weather forecasts have not changed much and it looks like the workers strike in Argentina is coming to a conclusion.
For those of us who have been around the block a few times, we’ve seen this kind of price action before. This is a classic price rationing rally. The world and US corn and soybean stocks are getting tighter. Weather in Argentina and Southern Brazil have been dry and now hot. We are getting to the point where crop conditions will only get worse or some acres just won’t get planted. Unless Arg and S. Brazil get soaking rains in the next couple of weeks (which are not in the forecast) then production will be lower in a significant way.
If you are not a subscriber to Turner’s Take Newsletter then text the message TURNER to number 33-777 to try it out for free! You may also click here to register for Turner’s Take.
We are now in a price rationing market and it is just a matter of time before soybeans are $13 (beans in the teens) and we could even make a run at $14. The big surprise for me is corn as my target was $4.60 for March and we are now beyond that. If old crop soybeans can hit $13.50 or $14 then old crop corn can go to $5.
Current carryout projections for soybeans already suggests $13 soybeans and that is without reducing South American production. Corn basis in the US is getting tighter, exports are strong, and US corn is still a decent value for feed grain on the global export market.
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.
The market now has two jobs to do for soybeans and corn
#1 – price old crop as high as necessary to curb demand
#2 – price new crop as high as necessary to increase acres this spring
If you want to know more about my thoughts on corn and soybeans, then take a listen to this week’s Turner’s Take Podcast!!!
About Turner’s Take Podcast and Newsletter
If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes! Craig Turner – Commodity Futures Broker 312-706-7610 cturner@danielstrading.com Turner’s Take Ag Marketing: https://www.turnerstakeag.com Turner’s Take Spec: https://www.turnerstake.com Twitter: @Turners_Take Contact Craig Turner
Subscribe to Turner’s Take Newsletter & Podcast
Turner’s Take Newsletter & Podcast - Turner’s Take is a complimentary weekly market commentary newsletter that covers the Grain, Livestock and Energy futures spread markets using fundamental, technical and seasonal analysis.
Risk Disclosure
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved
