The Federal Reserve is ready to buy corporate bonds to help stimulate the economy and provide liquidity to US markets
Grain Marketing
Turner’s Take | Jan vs March Soybeans
Jan 21 soybeans are trading 16 cents inverse to March 21! This implies the market is concerned about tight US new crops soybean stocks
Turner’s Take | How We Are Playing Corn This Week
We are staying short old crop corn until FND. At that point we will look to get long July while still keeping on new crop hedges and sales
Turner’s Take | Stocks Higher on Positive COVID-19 Treatment News
Stocks are higher due to positive developments in COVID-19 treatments and the President’s plan to reopen the economy
Turner’s Take | WASDE Hikes Grain & Oilseed Stocks
The April WASDE was bearish against expectations but the market had been looking for higher grain and oilseed stocks across the board. Looks a lot like “sell the rumor, buy the fact” to me.
Turner’s Take | Ethanol and Corn
Farm Policy (Univ of IL) is estimating ethanol production will be down about 750mm gallons for March, April, and May. That is about 250mm bushel of corn lost from decreases in ethanol demand. There will probably be more demand lost in June/July/Aug to round out the marketing year. Right now we could be looking at 350mm to 400mm bushels of lost demand for 2019-2020 corn. The big concern is those bushels go right back into the ending stocks on the balance sheet.
Turner’s Take | Fed Pledges Asset Repurchases with No Limit
The US Federal Reserve has pledged to buy assets with no limits. This is similar to the Fed support during the subprime crisis
Turner’s Take | Latest Phase One Trade Agreement Details
The US and China have come to an agreement in principal over Phase One of the trade deal. The US and China are expected to sign in early January
Turner’s Take | Dec 2019 WASDE As Expected
The markets are higher today as more snow is forecast in the central US and that will further delay corn harvest. Farmer sales also tend to slow down during the week of Thanksgiving and that can be supportive too. Andy Daniels, the founder of Daniels Trading, has an opinion about rice today
Turner’s Take | Corn, Rice, and Sugar
The markets are higher today as more snow is forecast in the central US and that will further delay corn harvest. Farmer sales also tend to slow down during the week of Thanksgiving and that can be supportive too. Andy Daniels, the founder of Daniels Trading, has an opinion about rice today