Grain Express 10/06/22
Posted: Oct. 6, 2022, 8:53 a.m.
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Weekly Export Sales
Corn: Net sales of 227,000 MT for 2022/2023
Soybeans: Net sales of 777,100 MT for 2022/2023
Wheat: Net sales of 229,400 metric tons (MT) for 2022/2023
Ethanol Production
The weekly EIA ethanol report showed production rose to 889,000 barrels a day, up 34,000 from the previous week (which was a seven-month low).
A Look at the Outside Markets
The US Dollar is firm this morning, oil is flat, and stock indices steady. Initial jobless claims rose to 219k, up from 193 last week and 15k more than expectations. Non-farm payroll data will be out tomorrow morning.
We are having technical issues loading charts this morning, we apologize for the inconvenience.
Corn
Corn futures continue to consolidate, so we will continue to sound like a broken record. We have been in and remain in the camp that believes there will be short term trading opportunities for participants on both sides. A break above resistance or below support would likely change that theses as we could see the market take more of a direction, other than sideways.
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Soybeans
Soybean futures are making new lows for the move, taking us closer to 4-star support, which we have labeled as 1345-1355. We are moving our bias out of bearish territory, to outright neutral. If the Bulls can defend support through today's session, we will likely dip the toes in with a moderately bullish bias.
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