Grain Express 1/11/23
Posted: Jan. 11, 2023, 8:25 a.m.
WASDE Report
Analysts are expecting Thursday's USDA report to be rather lack luster, with minor changes expected for corn and soybean yields and production. With that said, we've also seen some big surprises in this report over the years. So, per usual; expect the unexpected. Analysts are looking for a US corn yield of 172.5, up from 172.3. The average estimate for the US soybean yield is 50.3, up from 50.2. US Ending stocks for corn are expected to come in near 1.314 billion bushels, and for soybeans, 236 million bushels.
Argentine Crop Cuts
Dr. Cordonnier cuts his Argentine soybean crop to 41MMT, down 2MMT from last week. He also lowered his corn crop estimate by 1MMT to 45MMT. His Brazilian estimates are unchanged at 151MMT for soybeans and 125MMT for corn.
A Look at the Outside Markets
Equity markets are up about .25% in the early morning trade, crude oil futures are up 1.6%, and the US Dollar is near unchanged. Fed Chair Jerome Powell didn't say much yesterday, which puts attention on tomorrow morning's CPI report.
Corn (March)
Managed Money Position: 196,457
(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: 142,994
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 31st
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Wheat (March)
Managed Money Position: -52,715
(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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