Grain Express 2/3/23
Posted: Feb. 3, 2023, 7:41 a.m.
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Oliver Sloup joined RFD-TV to talk about the back-and-forth in the grain markets and what it means for hedgers & speculators going forward. |
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Weekly Export Sales Yesterday's weekly export sales report was a mixed bag, with corn coming in better than expectations, soybeans in line, and wheat below expectations. Which is about the opposite of how the market traded yesterday. Remember that the weekly export sales data has a lag to it.
WASDE The next WASDE report will be out on February 8th. We will have estimates compiled and emailed out beforehand.
A Look at the Outside Markets Equity markets are moderately lower this morning on what is likely profit taking from a big rally in the prior two days. Crude oil futures are up .30% to 76.10. The US Dollar is little changed at 101.41. |
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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