Grain Express 3/3/23
Posted: March 3, 2023, 7:57 a.m.
Weekly Export Sales
- Corn: Net sales of 598,100 MT for 2022/2023 were down 27 percent from the previous week and 48 percent from the prior 4-week average. Estimates were: 500,000-1,000,000 MT.
- Soybeans: Net sales of 360,700 MT for 2022/2023--a marketing-year low--were down 14 percent from the previous week and 25 percent from the prior 4-week average. Estimates were: 300,000-850,000 MT.
- Wheat: Net sales of 284,100 metric tons (MT) for 2022/2023 were down 16 percent from the previous week, but up 39 percent from the prior 4-week average. Estimates were: 150,000-600,000
Crop Conditions
- 67% of Argentina's corn crop is rated in poor condition, versus 60% last week. Just 2% of their crop is rated in good. Their corn crop has a "poor rating" of 56%, versus 51% last week. Just 6% of their crop is rated in good condition.
WASDE
- The March 31st prospective plantings report is the big-ticket item this month, but that doesn't mean we can just forget about next Wednesday's WASDE report. Analysts are expecting additional declines in South American corn and soybean production. We will continue to compile estimates and send those out early next week.
Black Sea Deal
- We've been writing about the deadline (March 18th) approaching for about a week now and the potential for pushback and criticism from Russia. We've started to see those headlines surface and expect them to continue and potentially escalate.
Outside Markets
- Equity markets had a strong finish to yesterday's session and are seeing follow through this morning, up .25%. Crude oil is a quarter lower to $77.87. The US Dollar is consolidating against technical resistance near 105, currently trading at 104.69.
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
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.
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.
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
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.
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.
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial