Yesterday’s Weekly Export Sales
- Corn: Net sales of 1,236,200 MT (48,667,030 bushels) for 2022/2023 were down 13 percent from the previous week, but up 28 percent from the prior 4-week average.
- Soybeans: Net sales of 665,000 MT (24,434,560 bushels) for 2022/2023 were up noticeably from the previous week and from the prior 4-week average.
- Wheat: Net sales of 336,700 MT (12,371,603 bushels) for 2022/2023 were up 26 percent from the previous week and 23 percent from the prior 4-week average.
Three In a Row
- Private exporters reported sales of 641,000 metric tons (25,235,048 bushels) of corn for delivery to China during the 2022/2023 marketing year. This is the thrid consecutive day of flash sales to China
Updated Commitment of Traders
We are finally getting closer to caught up with the weekly CoT data. Yesterday’s release showed the following as of March 7th:
- Corn: Managed Money were net long just 21,058 contracts. Broken down that is 196,623 longs VS 175,565 shorts.
- Soybeans: Managed Money were net long 157,330 contracts. Broken down that is 176,449 longs VS 19,119 shorts.
- Wheat: Managed Money were net short 100,636 contracts. Broken down that is 157,647 shorts VS 57,011 longs.
Black Sea Grain Deal
- The Black Sea Grain Deal will be extended another 60 days, vs the 120 that Ukraine was pushing for.
Argentina
- The Buenos Aires Grain Exchange cut their Argentine corn estimates to 36 million tonnes, from 37.5. Soybean production estimates were cut to 25 million tonnes, from 29 million.
Outside Markets
- Equity markets ripped higher yesterday but are mostly unchanged in the early morning trade. Crude oil seems to have found near term support at prices where the Administration has noted interest in buying to refill the SPR. The US Dollar pulled back yesterday and is seeing additional weakness this morning, retracing much of Wednesday’s rally.
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