Grain Express 2/28/23
Posted: Feb. 28, 2023, 6:07 a.m.
Weekly Export Inspections
- Corn: 22,543,126 bushels (in line with expectations)
- Soybeans: 25,389,308 bushels (below expectations)
- Wheat: 21,742,165 bushels (above expectations)
Black Sea Grain Deal (or No Deal)
- The deadline to renew the deal is March 18th. We anticipate it to carryon, but we wouldn't be surprised to see some jawboning from Russia's discontent between now and then.
Outside Markets
- Equity markets are fractionally higher, crude oil i2 $1.23 higher to $76.91, and the US Dollar is little changed as it flirts with significant resistance.
Corn
Managed Money Position
Updated each Friday with the weekly CoT Report
- As of January 31st, Managed Money were net long 219,924 futures/options. Broken down that is 285,287 longs VS 65,363 shorts.
Seasonal Trend in Play
- None
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Soybeans
Managed Money Position
Updated each Friday with the weekly CoT Report
- As of January 31st, Managed Money were net long 175,504 futures/options. Broken down that is 193,385 longs VS 17,881 shorts.
Seasonal Trend in Play
- July Soybeans have trended lower from February 24th-March 15th for 12 of the last 15 years.
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Wheat
Managed Money Position
Updated each Friday with the weekly CoT Report
- As of January 31st, Managed Money were net short 63,628 futures/options. Broken down that is 56,327 longs VS 119,955 shorts.
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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