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January 4th - Morning Market Commentary

01/04/2022
January 4th - Morning Market Commentary

Grains are higher in overnight trading:

Mar Corn + 5 ¾ cents/bu (5.95 )

Mar Soybeans + 6 cents/bu (13.61 ½ )

Mar Chi Wheat + 4 cents/bu (7.62 )

Cdn $ +0.00015 (78.45 cents)

WTI Crude Oil +0.80/barrel (76.88)

Grains enjoying a bounce higher this morning, in the absence of any new grain news.  Soybeans are showing follow through strength from yesterday’s solid gains, as dryness concerns in Argentina and southern Brazil continue to provide underlying support.  Yesterday, StoneX’s Brazil office lowered their estimate for Brazilian soybean production by 11.1 million tonnes to 134 million tonnes, while they lowered their corn production estimate by only 2.5 million tonnes (now 117.5 million tonnes).  StoneX cited dryness in southern Brazil as the reason for the cuts.

USDA ratings for winter wheat in the southern Plains dropped significantly, with the Kansas wheat crop rated at 33% good/excellent at the end of December, down from 62% in late November and from 51%  on December 12th.  Oklahoma wheat came in at 20% good/excellent, down from 48% in late November.

Traders will continue to look for signs of new export business to support gains in the market, but the looming January 12th USDA Supply and Demand reports have many nervous about potential cuts to export demand.

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