Grain Express 1/19/23
Posted: Jan. 19, 2023, 9:10 a.m.
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Crop Tour Results AgResource is conducting a Crop Tour in Brazil this week. Yield estimates for areas of Mato Grosso are ranging from 60-80 bushels per acre. The average yield through two days is 62 bushels per acre. Conab released their yield estimate last week at 53.5 bushels per acre. The market will be watching Day 3 closely. South American Weather Weather forecasts for Brazil and Argentina look largely favorable for the next two weeks, with parts of Brazil drying out and parts of Argentina getting some much-needed precipitation. Lunar New Year Next week, China will be celebrating their Lunar New Year, which may impact and limit the amount of business that gets done, including export. Weekly Export Sales Due to this past Monday being a holiday, weekly export sales data has been delayed until tomorrow morning. A Look at the Outside Markets Equity indexes are lower this morning, crude oil is down slightly, trading back below $80.00, and the US Dollar is treading water near 102.00, which is near unchanged.
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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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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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