Grain Express 1/26/23
Posted: Jan. 26, 2023, 9:14 a.m.
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Export Sales to Unknown Destinations Yesterday morning, Private exporters reported the following activity:
Weekly Export Sales
A Look at the Outside Markets Equity markets are firm in the early morning trade, crude oil is up 1.90%, and the US Dollar continues 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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