Grains are higher at midday:
Mar Corn + 1 ½ cents/bu (6.01 ¼ )
Mar Soybeans + 2 ¾ cents/bu (13.87 ½ )
Mar Chi Wheat + 8 cents/bu (7.70 )
Cdn $ +0.00575 (79.43 cents)
WTI Crude Oil +3.28/barrel (81.51)
Grains started the day session under pressure, with soybean futures trading down 9 cents/bu at the opening bell. However, buying soon surfaced, taking grains higher on the day, with corn trading up as much as 5 cents/bu, soybeans up- as much as 10 cents/bu, and Chicago wheat up as much as 9 cents/bu. With a massive USDA “data dump” on the way tomorrow, traders are reluctant to push the market too far in any direction.
This morning, the USDA did confirm a Flash Export Sale for 100,000 tonnes of soybeans to Mexico for the 2021/22 marketing year.
The USDA will release a myriad of reports tomorrow in it’s January Supply and Demand Reports/Quarterly Stocks Reports. The greatest focus will be paid to the following:
- Scope of South American production losses due to drought
- Potential surprises in the USA Quarterly Stocks numbers
- Whether the USDA reduces projected US soybean exports
A snapshot of analyst expectations for tomorrow’s reports are listed below:
