Grain Express 3/27/23
Posted: March 27, 2023, 7:16 a.m.
Commitments of Traders Update
- Corn: Managed Money are net short 41,896 contracts. Broken down, that is 179,032 longs VS 220,928 shorts.
- Soybeans: Managed Money are net long 110,786 contracts. Broken down, that is 134,522 longs VS 23,736 shorts.
- Wheat: Managed Money are net short 86,500 contracts. Broken down, that is 61,668 longs VS 148,168 shorts.
Export Sales to China (again)
- Friday morning, private exporters reported sales of 204,000 MT (8,031,123 bushels) of corn for delivery to China during MY 2022/2023.
Russian Escalation?
- Vladimir Putin said Russia is preparing to station tactical nuclear weapons in Belarus, escalating a confrontation with the US and its allies.
Prospective Plantings Report
- The report will be released Friday morning. We are compiling estimates and send them out when ready. CME Group's New Crop Weekly Options are a great tool to consider, whether it be to gain market exposure or manage risk. Learn more here: Ag Insights: March Prospective Plantings - Blue Line Futures
Outside Markets
- Equity markets are firm in the early morning trade, crude oil is up 68 cents to $69.94, and the US Dollar is near unchanged at 102.78.
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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