Grain Express 3/17/23
Posted: March 17, 2023, 7:30 a.m.
Weekly Export Sales
Yesterday's Weekly Export Sales
- Corn: Net sales of 1,236,200 MT (48,667,030 bushels) for 2022/2023 were down 13 percent from the previous week, but up 28 percent from the prior 4-week average.
- Soybeans: Net sales of 665,000 MT (24,434,560 bushels) for 2022/2023 were up noticeably from the previous week and from the prior 4-week average.
- Wheat: Net sales of 336,700 MT (12,371,603 bushels) for 2022/2023 were up 26 percent from the previous week and 23 percent from the prior 4-week average.
Three In a Row
- Private exporters reported sales of 641,000 metric tons (25,235,048 bushels) of corn for delivery to China during the 2022/2023 marketing year. This is the thrid consecutive day of flash sales to China
Updated Commitment of Traders
We are finally getting closer to caught up with the weekly CoT data. Yesterday's release showed the following as of March 7th:
- Corn: Managed Money were net long just 21,058 contracts. Broken down that is 196,623 longs VS 175,565 shorts.
- Soybeans: Managed Money were net long 157,330 contracts. Broken down that is 176,449 longs VS 19,119 shorts.
- Wheat: Managed Money were net short 100,636 contracts. Broken down that is 157,647 shorts VS 57,011 longs.
Black Sea Grain Deal
- The Black Sea Grain Deal will be extended another 60 days, vs the 120 that Ukraine was pushing for.
Argentina
- The Buenos Aires Grain Exchange cut their Argentine corn estimates to 36 million tonnes, from 37.5. Soybean production estimates were cut to 25 million tonnes, from 29 million.
Outside Markets
- Equity markets ripped higher yesterday but are mostly unchanged in the early morning trade. Crude oil seems to have found near term support at prices where the Administration has noted interest in buying to refill the SPR. The US Dollar pulled back yesterday and is seeing additional weakness this morning, retracing much of Wednesday's rally.
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Grains
Soybeans
Corn
Wheat
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
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