Grain Express 1/4/23
Posted: Jan. 4, 2023, 11:06 a.m.
Weekly Export Inspections
Yesterday's weekly export inspections were as follows:
Corn: 667,010 MT (26,259,016 bushels)
Soybeans: 1,462,882 MT (53,751,697 bushels)
Wheat: 85,672 MT (3,147,906 bushels)
South American Crop Estimates
Dr. Michael Cordonnier has left his crop estimates for Argentina corn and soybeans production unchanged this week, which halts the recent trend of declines. Though he did acknowledge that if forecasts play out, more declines are likely to come. Cordonnier left his Brazilian soybean estimate at 151MMT and corn at 125MMT.
StoneX cut their Brazilian soybean estimate to 153.8mmt, down 1.2MMT. They also reduced their Brazilian corn crop estimate by 1.6MMT to 128.7MMT.
Crush Report
Yesterday's crush report showed processors crushed 189.5 million bushels in November, in line with estimates.
Corn for ethanol use came in at 447.4 million bushels, just below the average estimate of 448.7 million bushels.
A Look at the Outside Markets
Equity markets are higher by about .50% this morning, crude oil is down $2.47 to 74.46, and the US Dollar is down .41% to 103.885.
Corn (March)
Managed Money Position: 163,666
(Updated with the weekly CoT Report)
Seasonal Trend in Play (Last Day): March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
Below is a daily chart of March corn futures
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Soybeans (March)
Managed Money Position: 128,616
(Updated with the weekly CoT Report)
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
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Wheat (March)
Managed Money Position: -59,311
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None.
Next Seasonal Trend: March KC Wheat, Starts on January 10th.
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