Grain Express 1/10/23
Posted: Jan. 10, 2023, 7:37 a.m.
Export Inspections
Weekly export inspections were for corn, soybeans, and wheat were all "within the range of estimates" but continue to be overall lackluster.
Corn: 397,585 MT (15,652,225 bushels)
Soybeans: 1,438,138 MT (52,842,511 bushels)
Wheat: 201,673 MT (7,410,212 bushels)
WASDE Report
Analysts are expecting Thursday's USDA report to be rather lack luster, with minor changes expected for corn and soybean yields and production. Analysts are looking for a US corn yield of 172.5, up from 172.3. The average estimate for the US soybean yield is 50.3, up from 50.2. US Ending stocks for corn are expected to come in near 1.314 billion bushels, and for soybeans, 236 million bushels.
A Look at the Outside Markets
Equity markets are showing weakness this morning, ahead of Jerome Powells speech at 8am CT. CPI along with other economic/inflation data this week could keep volatility elevated. Crude oil is little changed, up .38 and the US Dollar is modestly firm at 103.075.
Corn (March)
Managed Money Position: 196,457
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 13th
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Below is a daily chart of March corn futures |
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Soybeans (March)
Managed Money Position: 142,994
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 31st
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Wheat (March)
Managed Money Position: -52,715
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None.
Next Seasonal Trend: March KC Wheat, Starts on January 10th.
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