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Futures

January 10th - Midday Market Commentary

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

Grains are mostly lower at midday:

Mar Corn – 10 ½ cents/bu (5.96 ¼ )

Mar Soybeans – 27 ¾ cents/bu (13.82 ½ )

Mar Chi Wheat + 4 ½ cents/bu (7.63)

Cdn $ -0.00360 (78.78 cents)

WTI Crude Oil -0.70/barrel (78.20)

Grains have seen very volatile trade this morning, as the potential for improved rainfall in parts of South America weighs on the market.  Noon weather maps suggest that Argentina could receive better  than previously forecast rains in the beginning of next week, but in the meantime it remains hot and dry in Argentina this week, with no rainfall and temperatures reaching as high as 110 degrees Fahrenheit.  Southern Brazilian forecasts are a bit of a mixed bag, with extended forecasts (11 to 15 day) looking wetter than previously forecast, but this week looking drier.

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).


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