Grain Express 3/14/23

Posted: March 14, 2023, 7:03 a.m.

 
3.13.23 rfd

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Black Sea Grain Deal Update

  • A Russian official said a landmark deal allowing Ukraine to export grain through its Black Sea ports has been extended for 60 days, though Kyiv said it would stick to a 120-day extension and Turkey said talks were ongoing. -Reuters

Weekly Export Inspections

  • Corn: 39,344,156 bushels (in line with expectations)
  • Soybeans:  22,737,111 bushels (in line with expectations)
  • Wheat:  22,737,111 bushels (below expectations)

Crop Progress - Brazil

  • AgRural estimates Brazilian soybean harvest at 53% complete, 11% behind last year's pace.
  • AgRural estimates that Brazil's safrinha crop to be near 82% planted, 12% more than last week but 12% behind last year's pace.

Outside Markets

  • Equity markets managed to stabilize yesterday as rates came tumbling lower.  The markets are firm in the early morning trade as market participants await this morning's CPI data, out at 7:30am CT.  Crude oil finished yesterday's session about $2.00 off the low, but are revisiting those lows in the early morning trade, currently down about $2.00 to $72.88.  The USD is little changed ahead of this morning's inflation data. 

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

ZCK2023_2023-03-14_05-11-35

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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.

Upcoming Seasonal Trend

  • Starts March 19th.

ZSK2023_2023-03-14_05-13-42

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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.

ZWK2023_2023-03-14_05-15-21

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Grains Soybeans Corn Wheat

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