Grain Express 1/12/23
Posted: Jan. 12, 2023, 8:28 a.m.
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Weekly Export Sales Corn: Net sales of 255,700 MT (10,066,461 bushels) for 22/23, down 20% from the previous week and 62% from the prior 4-week average. Soybeans: Net sales of 717,400 MT (26,359,930 bushels) for 22/23, down 1% from the previous week and 41% from the prior 4-week average Wheat: Net sales of 90,800 MT (3,336,327 bushels) for 22/23, up 93% from the previous week, but down 73% from the prior 4-week average.
WASDE Report Today is the day! Today's USDA/WASDE report will be out at 11:00 am CT. 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.
Conab Conab’s Brazilian soybean estimate came in at 152.7 MMT, below December forecast came in at 153.5 MMT it forecast in December. Their corn estimate came in at 125.1 MMT.
Agroconsult is expecting record corn and soybean production out of Brazil this year. They expect Brazilian soybean production to reach 153.4 MMT and project total corn production at 130.9 MMT.
Export Sales to Unknown Destinations Yesterday, private exporters reported sales of 124,000 metric tons (4,556,218 bushels) of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.
A Look at the Outside Markets This morning's CPI data was largely in line with expectations. Volatility swept through the equity market instantly, trading on both sides, but currently gaining ground and trading at the highs of the morning. Crude oil is up 2% and the US Dollar is drifting lower. |
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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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: March KC Wheat, Started on January 10th.
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