Grains Lightly Retreat From Last Friday’s Gains. April 6, 2023
Our concern about old crop soybean sales, even more than with corn, remains in place. USDA reported 155,292 tonnes of sales in the prior week. That was under the 200,000 – 600,000 tonne expectation. This week was very poor at -74% vs. the five year average. They have been quite poor for nine weeks now with an average -62% below normal. To hit USDA’s goal remaining sales through August need to improve to +14% vs. normal. If sales "improve" to -20% vs. average through August we’ll miss USDA’s goal by 65 million bushels. If they "improve" to -40% we’ll miss USDA by 103.
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Possible light fund short covering yesterday
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