Sunday Night Market Outlook 02-23-2020

Chris and Duane discuss the latest barrage of USDA projections and their clear effort to point out that Phase One was NOT part of any of these projections. What is the purpose of this clear disclaimer? Could USDA's latest 20/21 soy balance sheet be sending a signal to the market that we need more soybean acres in 2020 and less corn acres? Why are corn spreads showing some of the strongest levels since July, at a time when we typically are vulnerable to liquidation pressures into the must price/roll stage of the March contracts? There are a lot of questions that when you start to unpack the answers, the contents of the package don't seem to equal the current market narratives and trade sentiment. We deal with a lot of questions in today's podcast and we think you will want to hear the process of trying to discern reasonable answers. Enjoy!