Grain Express 3/6/23
Posted: March 6, 2023, 7:55 a.m.
Black Sea grain deal
- Turkish Foreign Minister Mevlut Cavusoglu said on Sunday that Ankara is working hard to extend a U.N.-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia following its invasion. The Black Sea Grain Initiative brokered by the United Nations and Turkey last July allowed grain to be exported from three Ukrainian ports. The agreement was extended in November and will expire on March 18 unless an extension is agreed. Russia has signaled it is unhappy with aspects of the deal. -Reuters
WASDE
- The next WASDE report will be out Wednesday, March 8th. We will have estimates out later today.
South America
- Brazil soybean harvest is estimated to be 43% complete with their safrinha crop estimated to be 70% planted.
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
Still not Up to Date. We will keep you posted when the CFTC gets caught up with the data lag.
Seasonal Trend in Play
- None
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Soybeans
Managed Money Position
- Still not Up to Date. We will keep you posted when the CFTC gets caught up with the data lag.
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
- Still not Up to Date. We will keep you posted when the CFTC gets caught up with the data lag.
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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