Happy WASDE Day! I Grain Express 2/8/23
Posted: Feb. 8, 2023, 7:24 a.m.
WASDE Day
Today's the day! Although report days are always something to look forward today, today's report has historically been a nothing burger. Market participants are expecting to see a reduction in Argentina's crop, which should be old news by now.
- US Corn Carryout Estimate: 1.266 BB
- US Soybean Carryout Estimate: 211 MB
- US Wheat Carryout Estimate: 576 MB
A Look at the Outside Markets
Equity markets are fractionally lower in the early morning trade, crude oil is up .86 to $78.00, and the US Dollar is testing the low end of yesterday's range, trading at 103.00.
Corn (March)
Managed Money Position
Updated each Friday with the weekly CoT Report
- Delayed by the CFTC.
Seasonal Trend in Play
- None
-
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Soybeans (March)
Managed Money Position
Updated each Friday with the weekly CoT Report
- Delayed by the CFTC.
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 each Friday with the weekly CoT Report
- Delayed by the CFTC.
Seasonal Trend: May Chicago wheat futures have trended lower from February 7th through April 7th for 13 of the last 15 years. The average decline is roughly of 15 cents. Last year was one of the off-trend years, due to Russia's invasion of Ukraine. That brought the average gain down.
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