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Grain Express 4/6/23

Posted: April 6, 2023, 8:05 a.m.

Weekly Export Sales

  • Corn:  Net sales of 1,246,600 MT (49,076,460 bushels) for 2022/2023 were up 20 percent from the previous week, but down 26 percent from the prior 4-week average.
  • Soybeans:  Net sales of 155,300 MT (5,706,296 bushels) for 2022/2023 were down 55 percent from the previous week and 42 percent from the prior 4-week average. 
  • Wheat:  Net sales of 193,600 MT (7,113,580 bushels) for 2022/2023 were up noticeably from the previous week, but down 5 percent from the prior 4-week average.

Flash Sales

Yesterday morning, private exporters reported the following sales activity:

  • 125,000 metric tons of corn (4,921,031 bushels) for delivery to unknown destinations during the 2022/2023 marketing year
  • 276,000 metric tons of soybeans (10,141,261 bushels) for delivery to unknown destinations during the 2022/2023 marketing year

Good Friday Schedule 

  • Grain and Livestock markets are closed tomorrow.  Grains will be open on Sunday evening.  

Outside Markets

  • Equity markets are little changed in the early morning trade, crude oil is fractionally higher, and the US Dollar is largely unchanged.

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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