Play Turner’s Take Ag Marketing Podcast Episode 285
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
In today’s podcast we go over the Sept WASDE report and take a look at the numbers for corn, soybeans and wheat. The report was neutral for the board overall. The September WASDE is usually the turning point when the market stops focusing heavily on supply and turns its attention to demand. Make sure you take a listen to this week’s 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.
Sept WASDE Neutral
The WASDE report today was fairly neutral for corn, soybeans and wheat. Below are the results.
CORN – new crop ending stocks at 1.404 billion is very close to the 1.382 average analyst guess. Old crop carryout increased by 70 million due to a 30mm loss in exports and 40mm loss in ethanol. New Crop acres up 600K was expected and yield increased 1.7 bpa to 176.3. New crop carryout was higher due to larger production but the USDE did increase exports and feed 75mm. This is neutral for corn. We think the market now starts to transition from focusing on supply and starts to look more into US demand. For corn to rally we need to see the Gulf get back online for corn exports.
SOYBEANS – New crop ending stocks at 185 million bushels is close enough to the 190 average trade estimate. Acres came down over 300K and the trade was looking for a slight increase. Yields increased 0.6 bpa to 50.6. The net result is a 30mm increase in ending stocks from 165mm to 185mm. This was neutral for soybeans. We expect the market to now focus more on demand (domestic crush and exports to China) going forward.
WHEAT – US wheat numbers were barely changed. The only thing of note was the global stocks increasing 3.3 mm mt due to increased production out of Australia and India.
SUMMARY – Neutral report and we should start to transition from a market focused on supply news to a market focused on demand news. Demand for soybeans seems constant from China and will be supportive for weeks to come if demand stays steady. The corn market needs the Gulf to get operational again for export demand
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.
Sept WASDE Results
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
