Corn Futures are Stuck in a Rut | Grain Express | 5/2/2023
Posted: May 2, 2023, 7:27 a.m.
Crop Progress
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Corn
Crop progress showed corn planting at 26% complete, up 12% from last week and right in line with the 5-year average. 6% of the crop is emerged, 1% ahead of the 5-year average.
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Soybeans
Crop progress showed 19% of the crop is planted, up 10% from last week and 8% ahead of the 5-year average.
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Wheat
Winter wheat conditions are at 28% good/excellent, a 2% improvement from last week.
Spring wheat is 12% planted, up 7% from last week but 10% behind the 5-year average.
Weekly Export Inspections
- Corn: 1,518,202 metric tons, above the top end of expectations.
- Soybeans: 401,976 metric tons, in line with expectations.
- Wheat: 358,273 metric tons, in line with expectations.
Temperature and Precipitation Outlook
- The 6-10 day outlook shows a trend towards warmer weather, and wetter for some. Here's a look at the maps: 6-10 Day Weather Outlook Update - Blue Line Future
Outside Markets
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Stock indices are little changed this morning as traders await tomorrow's Federal Reserve meeting. Current expectations are for another 25-basis point rate hike. Crude oil is 20-cents lower to 75.46. The US Dollar is little changed following a swift move higher yesterday, currently trading at 101.94.
Corn
Seasonal Trend in Play
- September corn futures have trended lower for 12 of the last 15 years from 4/30-6/24.
- Remember, seasonal tendencies aren't alone enough of a reason to enter a trade. You should take into account the current environment, including fundamentals, technicals, and sentiment. With that said, we wouldn't recommend trading this specific seasonal trend, at this point.
- Remember, seasonal tendencies aren't alone enough of a reason to enter a trade. You should take into account the current environment, including fundamentals, technicals, and sentiment. With that said, we wouldn't recommend trading this specific seasonal trend, at this point.
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Soybeans
Seasonal Trend in Play
- The next Seasonal Trend for soybeans is for the July contract and starts on May 28th.
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Wheat
Seasonal Trend in Play
Technicals (July)
Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral
Resistance: 665-670***, 712-715***, 730-735*** Pivot: 640-650 Support: 610-615* |
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