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Weekly Export Sales Corn:  Net sales of 1,593,200 MT (62,721,495 bushels) for 2022/2023 were up 75 percent from the previous week and up noticeably from the prior 4-week average.  Expectations were for 600,000-1,200,000 MT. Soybeans:  Net sales of 736,000 MT (27,043,363 bushels) bush for 2022/2023 were down 36 percent from the previous week and 18 percent from the prior 4-week average.  Expectations were for 700,000-1,300,000 MT. Wheat:  Net sales of 136,400 MT (5,011,840 bushels) for 2022/2023 were down 73 percent from the previous week and 51 percent from the prior 4-week average.  Expectations were for 300,000-600,000 MT.   Crush The USDA reported December crush at 187.4 million bushels, a hair below the average analyst estimates of 188.0 million bushels.  Below the 189.5 in November and WELL BELOW the 198.2 we saw in the previous December report.   A Look at the Outside Markets Equity markets are working higher this morning, following through on yesterday's momentum.  Crude oil is .50% lower, and the US Dollar is near unchanged.

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: March soybeans have firmed from January 31st to February 12th for 13 of the last 15 years.  The average gain has been about 19 1/2 cents.  For a more in-depth breakdown of this seasonal, reach out to our trade desk or email Seasonals@BlueLineFutures.com.

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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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Grains Soybeans Corn Wheat

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