Grain Express 1/30/23
Posted: Jan. 30, 2023, 9:11 a.m.
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Brazil As of last Thursday, Brazil was estimated to be only 5% through soybean harvest, nearly half of last year's pace. Brazil remains relatively wet, which will likely keep harvest pace slow in the near term. Due to the delay in soybean harvest, we are seeing a delay in Brazil's safrinha corn planting progress (second corn crop) is 5% complete, 9% behind last year's pace.
Argentina Argentina is expected to receive some additional moisture this week but forecast turn drier by the back half of the week and into next week.
A Look at the Outside Markets Equity markets are under pressure in the early morning trade, after surging higher last week. Crude oil has traded on both sides of unchanged overnight, currently down a quarter. The US Dollar |
Corn (March)
Managed Money Position
Updated each Friday with the weekly CoT Report
- Managed funds were net buyers of 9,660 futures/options contracts expanding their net long position to 201,797 contracts. Broken down that is 266,783 longs VS 64,986 shorts.
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
Updated with the weekly CoT Report
- Funds were net sellers of 22,036 futures/options contracts, shrinking their net long position to 146,261 contracts. Broken down that is 172,806 longs VS 26,545 shorts.
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 31st
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Wheat (March)
Managed Money Position
Updated with the weekly CoT Report
- Funds were net sellers of 8,843 futures/options contracts, expanding their net short position for the third straight week, now sitting net short 73,933 contracts, the largest net short position since May of 2019. Broken down that is 53,302 longs VS 127,235 shorts.
Seasonal Trend in Play: None
Next Seasonal Trend: February 7th
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