Grain Express 3/24/23
Posted: March 24, 2023, 7:35 a.m.
sterdaExport Sales to China (again)
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Yesterday morning, private exporters reported sales of 123,000 metric tons (4,842,294 bushels) of corn for delivery to China during the 2022/2023 marketing year.
If our math is correct, that's 7 sales to China in the last 8 days, for about 100 million bushels.
Weekly Export Sales
- Corn: Net sales of 3,095,900 MT (121,880,165 bushels) for 2022/2023--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average.
- Soybeans: Net sales of 152,500 MT (5,603,414 bushels) for 2022/2023 were down 77 percent from the previous week and 55 percent from the prior 4-week average.
- Wheat: Net sales of 38,000 MT for 2023 were up 7 percent from the previous week and 8 percent from the prior 4-week average.
Potential Halt in Russian Wheat Exports
- Russia could recommend a temporary halt in wheat and sunflower exports after a sharp drop in global prices in recent weeks, the Vedomosti business daily said on Friday, citing two unidentified sources who attended a government meeting on the move.
-Reuters
Outside Markets
- Equity markets have been very choppy over the last 24 hours. In the early morning trade, equity markets are down .50-1.00%. Crude oil is down $2.87 to 67.10 and the US Dollar is rebounding, trading to 102.875.
Corn
Seasonal Trend in Play
- None
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Soybeans
Seasonal Trend in Play
- July soybeans have trended higher from March 19th-April 30th for 13 of the last 15 years. Want more details? Reach out!
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Wheat
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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