02/24/2023 Markets Still Digesting USDA Outlook Conference Forecasts

On the Grains:
As we go to press, grains are mixed in overnight trade with corn steady, beans a little firmer and wheat soft again. This morning we’ll get those holiday-delayed weekly export sales. Here are the ranges of expectations: Corn, 500,000 to 1.3 million tonnes, soybeans 300K to 500K tonnes, wheat 150K to 500,000 tonnes. We’ll also finally get a Commitments of Traders report this afternoon after a 4 week lapse due to Russian hacking. However, it will only be for the week ending Feb. 3. We’ll not know the real status of fund positioning until mid-March. Ugh.

Yesterday we had acreage, yield and avg. price forecasts ahead of USDA’s Outlook Forum yesterday morning, but can fill in some more details from the balance sheets that came out later.