Grain Express 1/20/23
Posted: Jan. 20, 2023, 7:53 a.m.
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After March Corn futures set new multi-month highs, Oliver Sloup breaks down the action ahead of next week's weekly options launch for corn and soybeans on the CME. |
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Export Sales Weekly export sales data will be out at 7:30am CT. Private Exporters Yesterday morning, Private exporters reported sales of 195,000 metric tons of corn (7,676,808 bushels) for delivery to Mexico during the 2022/2023 marketing year. South American Weather Weather forecasts for Brazil and Argentina look largely favorable for the next two weeks, with parts of Brazil drying out and parts of Argentina getting some much-needed precipitation. Lunar New Year China is on holiday, celebrating their Lunar New Year. This may impact and limit the amount of business that gets done next week, including import/export. A Look at the Outside Markets Equity markets are holding on to slight gains in the early morning trade. Crude oil is near unchanged, trading at $80.75. The US Dollar is hovering around 102.00. |
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Corn (March)
Managed Money Position: 137,697
(Updated with the weekly CoT Report)
Seasonal Trend in Play: May corn futures have traded higher from January 13th to February 6th for 12 of the last 15 years. Looking at the historical data, this isn't a seasonal that we would label as "high conviction." The average profit during this time period is only about 8 cents.
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Below is a daily chart of March corn futures |
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Soybeans (March)
Managed Money Position: 131,704
(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: January 31st
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Below is a daily chart of March soybean futures |
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Wheat (March)
Managed Money Position: -63,134
(Updated with the weekly CoT Report)
Seasonal Trend in Play: March KC Wheat has rallied from January 10th-January 26th for 12 of the last 15 years.
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Below is a daily chart of March wheat futures |
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Levels Premium
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