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Grain Express 2/17/23

Posted: Feb. 17, 2023, 7:16 a.m.

 
2.17.23 RFD Grains

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Weekly Export Sales Data

  • Corn:  Net sales of 1,024,500 MT (40,332,772 bushels) for 2022/2023 were down 12 percent from the previous week and 15 percent from the prior 4-week average.
  • Soybeans:  Net sales of 512,800 MT (18,842,169 bushels) for 2022/2023 were up 37 percent from the previous week, but down 35 percent from the prior 4-week average.
  • Wheat:  Net sales of 209,800 MT (7,708,828 bushels) for 2022/2023 were up 60 percent from the previous week, but down 32 percent from the prior 4-week average. 

Flash Sale

  • Private exporters reported sales of 128,000 MT (4,703,193 bushels) of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.

Long Weekend

  • Grain and livestock markets will be closed on Monday in observance of Presidents Day.  They will open Monday evening.  

A Look at the Outside Markets

  •  Equity markets took a nosedive late yesterday after St. Louis Fed president, James Bullard, said that a 50-basis point rate hike shouldn't be ruled out for the March meeting.  It's important to note that he's not a voting member.  Equity markets have seen some follow-through pressure in the overnight and early morning trade.  Crude oil is down $2.33 to $76.41.  The US Dollar is continuing to rally, trading to 104.54, the highest level since January 6th.

  • Corn (March)

     

    Managed Money Position

    Updated each Friday with the weekly CoT Report

  • Delayed by the CFTC.

  • Seasonal Trend in Play

  • None
  • ZCH2023_2023-02-17_06-32-08

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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
  • ZSH2023_2023-02-17_06-43-54

Technicals Premium

🔒 You need to be a Premium User to unlock this content. Click here to unlock.

Levels Premium

🔒 You need to be a Premium User to unlock this content. Click here to unlock.


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.
  • ZWH2023_2023-02-17_06-57-40

Technicals Premium

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Levels Premium

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