Groundhog Day | Grain Express 4/27/23
Posted: April 27, 2023, 8:47 a.m.
Export Sales Estimates
Check our site after 7:30am CT for this week's updated export data:
- Corn: 100,000-800,000
- Soybeans: 75,000-500,000
- Wheat: 75,000-400,000
Yuan VS Dollars
- Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country's dwindling dollar reserves. -Reuters
Weekly Ethanol Report
- U.S. fuel ethanol production fell by nearly 6 percent the week ending April 21, according to data released by the U.S. Energy Information Administration on April 26. Stocks of fuel ethanol were down nearly 4 percent.
Improving Temperature Outlook
- The updated 6-10 day outlook shows temperatures in parts of the Cornbelt getting back to near normal levels (link to maps)
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Soybeans Seasonal Trend in Play
Technicals (July) July soybean futures are continuing to slide lower in the early morning trade, positing their lowest price since March 27th, which was the day after last month's low, 1383 3/4. With the market working on its seventh consecutive down day, you'd think the daily RSI would be sub-30, but it's at 32 and change, which is above what is considered to be oversold.
Bias: Neutral Previous Session Bias: Neutral Resistance: 1439 3/4**, 1455-1462 1/4*** Pivot: 1422-1431 Support: 1396-1402**, 1380-1385****
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WheatSeasonal Trend in Play
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