Market Overview – Grain Express
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Flash Sale Alert: Soybeans
Private exporters reported sales of 240,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.
Corn (March)
Fundamentals: Today’s USDA report will be front and center. The average estimate for US carryout comes in at 1.512 billion bushels. The average analyst estimate for world carryout is 300.32mmt. Brazilian corn production is estimated to be at 113.63mmt, down from the 115.00mmt we saw in last month’s report. Argentine corn production is expected to come in near 52.16 mmt, down from 54.00 last month.
Technicals: The market continues to hover near our all-important pivot pocket, today’s USDA report and market reaction could set the tone going forward. If the Bulls can achieve a conviction close above here, that could lead to a breakout above technical resistance from … Click here to get our (FULL) daily reports emailed to you!
Soybeans (March)
Fundamentals: Estimates for today’s USDA report are as follows: the average estimate for US carryout comes in at .310 billion bushels. The average analyst estimate for world carryout is 91.51mmt. Brazilian soybean production is expected to be near 133.65 mmt, down from the 139.00mmt we saw in last month’s report. Argentine soybean production is expected to come in near 44.51 mmt, down from 46.50 last month.
Technicals: Soybeans pulled back yesterday, filling the gap from Sunday night. This type of price action is constructive for the Bull camp. With that said, technical levels will take a back seat to money flow following today’s USDA report, which could trigger … Click here to get our (FULL) daily reports emailed to you!
Wheat (March)
Technicals: Wheat futures are continuing to linger near the 100-day moving average, which is part of our resistance pocket. If the Bulls can chew through and close above this pocket we could see an extension towards … Click here to get our (FULL) daily reports emailed to you!
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