Play Turner’s Take Ag Marketing Podcast Episode 260
If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes!
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 firstname.lastname@example.org 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.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.