Grain Express 1/18/23
Posted: Jan. 18, 2023, 8:48 a.m.
Private Exporters
Private exporters reported the following sales activity yesterday morning:
- 150,000 metric tons of corn (5,905,237 bushels) for delivery to Colombia for 2022/2023.
- 119,000 metric tons of soybeans (4,372,500 bushels) for delivery to unknown destinations for 2022/2023.
Weekly Export Inspections
Yesterday's weekly export inspections came in better than what we've seen in weeks, particularly for corn. They are as follows:
- Corn: 774,461 MT (30,489,174 bushels)
- Soybeans: 2,075,197 MT (76,250,416 bushels)
- Wheat: 320,473 MT (11,775,363 bushels)
Russia
Russian President Vladimir Putin said on Tuesday that Russia needed to maintain stable food reserves, if necessary by restricting some exports, but did not provide specific details. -Reuters
Crush
The National Oilseed Processors Association (NOPA) crushed 177.5 million bushels of soybeans in December. This was down 1.7 million bushels from November and well below the average analyst estimate of 183 million.
A Look at the Outside Markets
Equity markets are in positive territory, albeit very slightly. Crude oil is up over 2%, trading just shy of $82. The US Dollar is under slight pressure, trading down .25% to 101.87.
Corn (March)
Managed Money Position: 137,697
(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: 131,704
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 31st
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Below is a daily chart of March soybean futures |
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Wheat (March)
Managed Money Position: -63,134
(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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Below is a daily chart of March wheat futures |
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