Look What WASDE Found
Presented by Heartland Investor Capital Management Inc. CTA
Soybeans
USDA held carryout at 350 million bushels despite strong crush
Crush increased 35 million bushels to offset balance sheet
Exports reduced to keep carryout unchanged
Market remains rangebound awaiting demand pickup ahead of potential China buying
Wheat
USDA raised US carryout to 938 million bushels versus expectations near 920
Increase driven by higher durum imports and slight usage reduction
World stocks rose to 283.1 million metric tons led largely by India
Global numbers questioned due to non-exporting countries inflating supply perception
Price action sold off sharply following report despite questionable fundamentals
Corn
Market pulled back to test key retracement support levels
Holding near technical support including 100 day moving average
Trade anticipating potential China demand ahead of May discussions
Bias remains for upward movement if support continues to hold
Soybeans Technical
Market holding within a multi week trading range
Recent volatility tied to crude oil and geopolitical headlines
Waiting for breakout direction likely tied to export demand
Structure suggests potential upside if buying emerges
Gold
Recovered back above 41 day moving average
Holding this level into Friday close would be supportive
Geopolitical tensions remain key driver
Potential breakout depends on weekend developments
Feeder Cattle
Market holding firm despite outside volatility
Technical structure supports move back toward 383 highs
Extended targets suggest potential toward 395 to 398
Upside dependent on crude oil stability
Weather Outlook
Rain expected in Western Wheat Belt remains a key variable
Failure of forecast could tighten supply outlook quickly
Crop conditions already historically weak for this time of year
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management, Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited. Provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.