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Futures

January 10th - Closing Market Commentary

01/10/2022
January 10th - Closing Market Commentary

Grains closed mostly lower on Monday:

Mar Corn – 7 cents/bu (5.99 ¾ )

Mar Soybeans – 25 ½ cents/bu (13.84 ¾ )

Mar Chi Wheat + 3 ½ cents/bu (7.62 )

Cdn $ -0.00310 (78.83 cents)

WTI Crude Oil -0.78/barrel (78.12)

Grains were under pressure in early trading today, as the sense that South American moisture possibilities were improving brought some selling forward.  Selling accelerated over concerns that US exports of corn and beans continue to lag behind last year’s pace, and whether or not the USDA will reflect the recent slow pace of export shipments and sales in Wednesday’s January reports.  Ultimately, the USDA confirmed another week of disappointing export shipments in this morning’s Weekly Export Inspection Report (see below), although the government did increase the actual export shipments from the previous week’s reported numbers this morning.

Weather models continue to show a very hot and dry week on tap this week for Argentina, with temperatures reaching highs of 110 degrees Fahrenheit.  However, some rains are expected for next week, although midday maps did remove some coverage and volume.  Brazil looks to get decent rainfall coverage in northern and central zones, but the south remains dry this week.  Midday maps do suggest some relief coming to southern Brazil next week.  Tomorrow, the trade will be very focused on the next round of weather forecasts, in order to see if rainfall amounts for next week are increased or decreased for Argentina and Brazil.

Russian wheat values improved by $2.50 US/mt today, which provided some modest support for wheat, in a day that had very little news.

This morning, the USDA confirmed a Flash Export sale of 132,000 tonnes of corn to Mexico, with 77,000 tonnes in the 2021/22 crop year and 55,000 tonnes in the 2022/23 crop year.

Earlier this morning, the USDA released their Weekly Export Inspections Report showing that last week, the US shipped 40.3 million bushels of corn (10.6 million bushels to China), 33.3 million bushels of soybeans (21.2 million bushels to China), and 8.6 million bushels of wheat (none to China).


On the day, funds were believed to have been sellers of 10,000 corn contracts (now long 348,000), sellers of 10,000 soybean contracts (now long 100,000), while being buyers of 2,000 Chicago wheat contracts (now short 29,000).

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