Grain Express 1/6/23
Posted: Jan. 6, 2023, 8:33 a.m.
Weekly Export Sales
Corn: Net sales of 319,200 MT (12,558,471 bushels)
Soybeans: Net sales of 721,000 MT (26,492,207 bushels)
Wheat: Net sales of 47,100 MT (1,730,628 bushels)
Crop Conditions - Argentina
Soybeans are rated at just 8% Good/Excellent, down 2% from last week. 54% of the crop is rated as Fair, down 8%. 38% of the crop is rated as Poor, up 10%.
Corn is rated at 13% Good/Excellent, down 2% from last week. 55% is rated as Fair, down 2%. 32% is rated as Poor, up 4%.
A Look at the Outside Markets
This morning's Non-Farm payroll number came in at 223,000, above estimates but lower than last month. Average hourly earnings came in below estimates. The initial market reaction was risk-on, with the dollar retreating and outside markets rallying.
Corn (March)
Managed Money Position: 163,666
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 13th
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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.
Next Seasonal Trend Start Date: January 31st
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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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