Grain Express 2/21/23
Posted: Feb. 21, 2023, 7:57 a.m.
Argentina
- Grains are higher in the overnight and early morning trade, thanks to concerns out of Argentina. The concerns have been reported on for a while now, and as prices rise, Argentina gets the credit. Meanwhile, the under reported story is Brazil and Paraguay more than making up for crop losses in Argentina.
Commitment of Traders
- “CFTC staff intends to resume publishing the CoT report as early as Friday, February 24, 2023. Staff will begin with the CoT report that was originally scheduled to be published on Friday, February 3, 2023. Thereafter, staff intends to sequentially issue the missed CoT reports in an expedited manner, subject to reporting firms submitting accurate and complete data. Staff anticipates that, pending the timely, accurate and complete submission of backlogged data by reporting firms to the CFTC, these missed CoT reports will be published by mid-March. After that, CoT report publication will resume its usual weekly schedule.” -CFTC-
A Look at the Outside Markets
- Equity markets are under pressure in the early morning trade, down nearly 1%. Crude oil is .75% higher, and the US Dollar is little changed at 103.90.
Corn (March)
Managed Money Position
Updated each Friday with the weekly CoT Report
- Delayed by the CFTC. This could be updated as soon as Friday.
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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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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