Grain Express 2/24/23
Posted: Feb. 24, 2023, 8:08 a.m.
USDA Outlook Forum
- Farmers are forecasted to plant 91 million acres of corn, 2.4 million more than last year. Soybean acres are forecasted at 87.5 million.
Weekly Export Sales
- Corn: Net sales of 823,200 MT (32,407,943 bushels) for 2022/2023 were down 20 percent from the previous week and 30 percent from the prior 4-week average.
- Soybeans: Net sales of 544,900 MT (20,021,642 bushels) for 2022/2023 were up 20 percent from the previous week, but down 18 percent from the prior 4-week average.
- Wheat: Net sales of 338,800 MT (12,448,765 bushels) for 2022/2023 were up 62 percent from the previous week and 39 percent from the prior 4-week average.
Options Expiration
- March grain options expire this afternoon. If you are still in March futures, you may want to consider rolling or exiting positions before the end of the week.
Corn
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Soybeans
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Wheat
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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