Grain Express 1/13/23
Posted: Jan. 13, 2023, 9:12 a.m.
WASDE Report Yesterday's WASDE report lived up to the expectations of delivering some surprises to the market. The US corn yield came in a bushel higher than November, which is bearish. However, a big drop in harvested acres (79.2 million VS estimates of 80.763) helped slingshot prices back to where prices were just a few weeks ago. Soybean numbers were below expectations pretty much across the board (yield, harvested acres, production, ending stocks) which took prices back to technical resistance.
A Look at the Outside Markets Equity markets are lower in the early morning trade. Oil is steady, bit about a dollar off the overnight highs. The US Dollar is attempting to stabilize. |
Corn (March)
Managed Money Position: 196,457
(Updated with the weekly CoT Report)
Seasonal Trend in Play: May corn futures have traded higher from January 13th to February 6th for 12 of the last 15 years. Looking at the historical data, this isn't a seasonal that we would label as "high conviction." The average profit during this time period is only about 8 cents.
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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: March KC Wheat has rallied from January 10th-January 26th for 12 of the last 15 years.
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