Corn, wheat, and soybeans will need to have trendline yields or better to get ending stocks back to adquate supply levels
Turner's Take Podcast
In Turner's Take Podcast, Daniels Trading futures brokers discuss the commodity markets from a fundamental, technical, and seasonal perspective. Turner's Take podcast (formerly Inside Commodity Futures) is hosted by Craig Turner, commodity broker with Daniels Trading and author of Turner’s Take newsletter.
The January WASDE was bearish SRW wheat due to an increase in acres and bullish soybeans as global stocks declined
Grains and oilseeds are bullish on S. American weather concerns while the Fed minutes were much more hawkish than expected
The CBOT wanted to go higher on adverse S. American weather but many markets were pressured lower due to omicron shutdown concerns
The USDA’s Dec WASDE was bearish wheat, neutral corn, and bullish for soybeans
In this week’s podcast we go over what Fed Chairman Jerome Powell meant when he told Congress inflation is no longer transitory. If inflation is not transitory then it is structural.
Global exporter stocks of both wheat and corn remain tight. Inflation and historically low stock/usage levels keep grain prices elevated
The November WASDE surprised traders by reducing the soybean yield 0.5 bpa to 51.2. The lower production offset weaker soybean exports and kept ending stocks steady
Higher food, energy and housing prices are impacting consumers in the US and abroad
US Congress passed a deal to temporarily avoid the US from hitting the debt ceiling. The can has been kicked to December