Grain Express 3/7/23
Posted: March 7, 2023, 7:11 a.m.
Flash Sales
Private exporters reported the following sales activity yesterday morning:
- 110,000 metric tons (4,330,507 bushels) of corn for delivery to Japan during the 2022/2023 marketing year
- 182,400 metric tons (7,180,768 bushels) of corn for delivery to unknown destinations during the 2022/2023 marketing year
Weekly Export Inspections
Weekly export inspections were strong for corn, but weak for soybeans and wheat.
- Corn: 899,810 MT (35,423,945 bushels)
- Soybeans: 542,238 MT (19,923,830 bushels)
- Wheat: 268,136 MT (9,852,308 bushels)
WASDE (Wednesday, 11am CT.)
Majority of the attention will be on South American production, which has already been widely reported on.
- Argentina corn production estimates: 41.0-46.0
- Argentina soybean production estimates: 32.0-40.0
- Brazil corn production estimates: 122.0-130.61
- Brazil soybean production estimates: 151.0-154.66
South America
- Brazil soybean harvest is estimated to be 43% complete with their safrinha crop estimated to be 70% planted. -AgRural
Outside Markets
- Equity markets, crude oil, and the US Dollar are little changed ahead of Federal Reserve Chairman Jerome Powels testimony in front of the Senate Banking Committee.
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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