Turner’s Take Podcast: February 2019 USDA Report Review
Turner's Take Podcast

Play Turner’s Take Podcast Episode 172

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The WASDE came out today and all the estimates came out as expected.  I can not remember a more uneventful report with so much data being released.  It is clear that the market is waiting on a US/China trade deal resolution.  Going forward we see the markets are range bound and we will trade them accordingly starting Monday.  Make sure you take a listen to Turner’s Take Podcast for a deeper dive into the report!

WASDE Review

Below in yellow are the results of this Jan/Feb WASDE report.  Corn yield was lower but so was ethanol demand and feed usage.  The result was lower corn ending stocks but not as much as we were hoping for.  Soybean yields were lower too but so were exports.  It looks like the USDA has not fully caught up with the new China export sales.  Wheat acres came in as expected as did South American production.

Going forward we are going back to our short old crop corn straddles. We see corn as range bound, but we are more bullish than bearish at current prices.  We also like short straddles on new crop.  Wheat is getting attention on the export market as Egypt bought US SRW wheat earlier today.  South American production has stabilized as the weather is returning to normal.  The next two big catalysts are 1) The Ag Forum and then 2) the US/China trade deal. We do not expect a deal to be complete until the deadline. These things always tend to go right up to the last minute.

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!

While the podcast does not have specific actionable trading recommendations, we do publish them in Turner’s Take Market Alert for spec traders and Turner’s Take Ag Marketing for hedgers. Want to know what to look for in the commodity futures markets? Take a listen to Turner’s Take podcast!

Craig Turner – Commodity Futures Broker
Turner’s Take Ag Marketing: https://www.turnerstakeag.com
Turner’s Take Spec: https://www.turnerstake.com
Twitter: @Turners_Take

Contact Craig Turner

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