• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar
  • Skip to footer
Daniels Trading

Trade Futures, Spreads and Options with Confidence.

Top Navigation

  • Open a Futures Account
  • Sign Up
  • Log in
  • 1.800.800.3840

Primary Navigation Menu

  • About
    • Who We Are
    • Services
    • Risk Disclosure
    • COVID-19
  • Trade
    • Broker-Assisted
    • Self-Directed / Online
    • Request Pricing
  • Hedge
    • Ag Marketing Plan
    • WASDE Analysis
    • Grain Resources
    • Livestock / Dairy Resources
    • Request Pricing
  • Invest
    • Automated Strategies
    • Managed Futures
    • Request Pricing
  • Advisories
    • GENERAL / FUNDAMENTAL
      • DT Newsletter
      • Insider Market Advisory
      • Turner’s Take Newsletter & Podcast
    • TECHNICAL ANALYSIS
      • The Cullen Outlook
      • Data Feed Trade
      • Jarboe Trading Journal
      • Trade Spotlight
    • AG MARKETING
      • Cattleman’s Advisory
      • Technical Ag Knowledge
      • Turner’s Take Ag Marketing
    • THIRD-PARTY RESOURCES
      • CFRN
      • Moore Research Center, Inc. (MRCI)
      • OptionWorks®
      • TASMarketProfile.com
  • Education
    • CME Group Resource Center
    • CME Group Offers
    • Small Exchange Resources
    • Guides
    • Frequently Asked Questions
    • Order Entry Handbook
  • Blog
    • Futures 101
    • Ag Marketing
    • Tips & Strategies
    • Trading Advisories
  • Resources
    • Trading Software
    • Quotes and Charts
    • Futures Calendars
    • Contract Specifications
    • Margin Requirements
    • Futures Calculator
  • Accounts
    • Apply
    • Access My Account
    • Funding
  • Contact
Home / Futures Blog / Turner’s Take Podcast | New Thoughts on Old Crop Corn

Turner’s Take Podcast | New Thoughts on Old Crop Corn

February 10, 2021 by Craig Turner

Turner's Take Podcast

Play Turner’s Take Ag Marketing Podcast Episode 266

https://media.blubrry.com/twigcast/p/media.blubrry.com/inside_commodity_futures/p/content.blubrry.com/inside_commodity_futures/icf_2021_02_10_episode_0266.mp3

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | 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

This week we go over our thoughts on the WASDE, where prices can go from here, and why we are changing our thoughts on old crop corn.  We are still bullish soybeans and the grain markets in general, but the USDA threw some cold water on the corn market and we can’t hide from it.  Make sure you take a listen to Turner’s Take Podcast!

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.

Corn

Here’s the deal. I want to be bullish on old crop corn but there is something in that WASDE report yesterday that we have to address.  The USDA acknowledged China’s increased corn demand and only increased exports by 50mm bushels.  It looks like they expect some traditional buyers of US corn will move to S. America, Ukraine, or S. Africa as China buys more from the US.  The opposite happened in soybeans when China left for S.America beans during the tariff years.  The US lost China but gained a lot of the traditional business that usually goes to Brazil.

I think old crop corn is now range bound between the high $4s and mid $5s until we know more about the S. American crop and new crop acres.  Old crop still has potential to rally but it will most likely be from a weather rally.  Corn prices around the world are high.  China probably does not have all the corn they say they have in storage.  Demand is strong for US corn.  All three of those things are true but you can’t fight the USDA.  You can but it is usually a losing effort.

I put out a rec to sell old crop and new crop corn this morning.  Even though we traded at our price (and higher) I am not going to count it as a sale yet in the newsletter.  The market moved too fast for everyone to take advantage.  I’ll wait until we trade through those prices again to take credit.

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

Soybeans

The USDA put old crop at the 120mm bushels, which is close enough to pipeline minimum stocks.  Any rally for old crop to $14 will most likely be lead by a US spring/summer weather rally.  Soybean export sales will be going to S. America soon now that Brazil harvest is around the corner.  For the rally to resume in Feb/March we need to see lower yields come out of S.America or evidence of lower than expected new crop soybean acres in the US.

I’m not bearish soybeans. I am still bullish this spring and summer but we are entering a period on the calendar when S.America’s crop is made, harvested and brought to market.  We are going to be range bound for the moment and it is going to be a big range.

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

Turner’s Take Podcast

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

Filed Under: Turner's Take, Turner's Take Podcast

About Craig Turner

Craig Turner is a Senior Broker at Daniels Trading, author of Turner’s Take newsletter, and a Contributing Editor for Grain Analyst. Craig is often quoted in the Wall Street Journal, Reuters, Dow Jones Newswire, Corn & Soybean Digest, and also makes appearances on SiriusXM – Rural Radio Channel 80 providing commentary for the Grain and Livestock markets. Craig has also been featured in FutureSource’s Fast Break series, Futures Magazine Online, and INO.com. Mr. Turner has a Bachelors from the Rensselaer Polytechnic Institute (RPI) where he graduated with honors and has worked at the NYSE and Goldman Sachs. While at Goldman, Craig earned his MBA in the NYU Stern executive program. Learn more about Craig Turner.

Primary Sidebar

Get Blog Updates

Subscribe to our blog and receive a daily email with information on market insights, trading tips & strategies.

Trustpilot

Footer

Site Navigation

  • Frequently Asked Questions
  • About Us
  • Customer Reviews
  • Contact Us
  • Futures Blog
  • Open a Futures Trading Account
  • Media Resources
  • Fund Your Account
  • Legal Notices

Contact Us

StoneX Financial Inc.
Daniels Trading Division
230 South LaSalle Suite 10-500
Chicago, IL 60604
+1.312.706.7600 Local / Int'l
+1.800.800.3840 Toll-Free
+1.312.706.7605 Fax

Connect with Us

Trustpilot
Risk Disclosure
  • Risk Disclosure
  • Privacy Policy
  • California Residents Privacy Notice
  • Terms of Use
  • Back to top
 

Loading Comments...
 

You must be logged in to post a comment.