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Grain Express 4/4/23

Posted: April 4, 2023, 7:23 a.m.

Export Sales to Mexico and Unknown Destinations

Yesterday morning, private exporters reported the following sales activity:

  • 150,000 metric tons (5,905,237 bushels) of corn for delivery to Mexico during the 2023/2024 marketing year
  • 20,000 metric tons of soybean oil for delivery to unknown destinations during the 2022/2023 marketing year

Export Inspections

Yesterday weekly export inspections report was in line with estimates for corn and soybeans, but below the low end of estimates for wheat. 

  • Corn: 43,212,717 bushels
  • Soybean: 18,337,090 bushels
  • Wheat:  6,192,893 bushels

Crop Progress

  • Cron: 2% planted, in line with averages (yes, it's early)
  • Winter Wheat Conditions
    • 28% Good/Excellent (3% less than estimates)
    • 36% Poor/Very Poor

Argentina Soy Dollar

  • Argentina will announce the details of a new effort to boost soy exports on Wednesday, two days later than first planned, government and industry sources told Reuters on Monday.  The government had planned to launch its latest “soy dollar” plan, which uses a preferential exchange rate to provide an incentive for exports, on Monday. -Reuters

New Crop Weekly Options

Outside Markets

  • Equity markets are firm in the early morning trade and crude oil is adding to gains, currently up $0.83 to $81.25.  The US Dollar is testing yesterday's low (101.56), currently trading at 101.60. 

Corn

Seasonal Trend in Play

  • The next corn seasonal starts on April 30th and is for the September contract. 

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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.  
  • An seasonal trend for May soybeans starts on April 7th.

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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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Grains Soybeans Corn Wheat

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