Grain Express 1/25/23
Posted: Jan. 25, 2023, 9:04 a.m.
Export Sales to Unknown Destinations
Yesterday morning, private exporters reported sales of 130,000 metric tons (5,117,872 bushels) of corn for delivery to unknown destinations during the 2022/2023 marketing year.
Storage Capacity
Brazil's production is expected to surpass their storage capacity, for the first time in 20 years. This will be watched closely as over the next month as harvest ramps up.
A Look at the Outside Markets
Equity markets are under pressure this morning, crude oil is near unchanged, and the US Dollar is continuing to consolidate.
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Corn (March)
Managed Money Position: Managed Money are net long 192,137 futures/options contracts, up 42,533 from the previous week. Broken down, that is 253,836 longs VS 61,699 shorts.
(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: Managed Money are net long 168,298 futures/options contracts, up 36,594 from the previous week. Broken down, that is 186,794 longs VS 18,496 shorts.
(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: Managed Money are net short 65,089 futures/options contracts, up 1,955 from the previous week. Broken down, that is 53,729 longs VS 118,818 shorts.
(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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