Grain Express 2/15/23
Posted: Feb. 15, 2023, 7:57 a.m.
Harvest Pressure
- Soybean harvest continues to advance in Brazil which may be acting as a headwind to the market.
Planting Pace
- Corn planting in Mato Grosso is reported at 34% complete, 21% behind last year's pace, but only 7% behind the average. Planting in Parana is reported at 12% complete, 11% behind the average pace.
A Look at the Outside Markets
- Yesterday's CPI data and market reaction was a bit of a dud in terms of volatility, compared to what we've seen in previous months. Equity futures are down .5% in the early morning trade, crude oil is .90% lower, and the US Dollar is testing the upper end of the recent range, trading at 103.62.
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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
- None
Technicals Premium
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Levels Premium
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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.
Technicals Premium
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Levels Premium
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