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January 6th - Morning Market Commentary

01/06/2022
January 6th - Morning Market Commentary

Grains are  lower in overnight trading:

Mar Corn – 1 ¼ cents/bu (6.01)

Mar Soybeans – 15 ½ cents/bu (13.79 ¼ )

Mar Chi Wheat – 4 ¾ cents/bu (7.56)

CDn $ -0.00110 (78.285 cents)

WTI Crude Oil +1.40/barrel (79.25)

Grains have spent most of the evening session in negative territory, but currently sit well off of their lows for the session (corn was down over 6 cents/bu, soybeans were down al most 25 cents/bu, and Chicago wheat was down 9 cents/bu).  Weakness is being attributed to follow through selling on wheat, in the absence of any substantive export business.  Soybeans are taking a breather, as the March contract traded as high as 13.99/bu yesterday, another 4 ½ month high, but failed to trade above the psychological 14 dollar threshold.  Trader’s attention is turning to next Wednesday’s USDA January Reports, with the potential for the government to tweak export projections for corn, beans, and wheat.

Weather maps are very similar to yesterday’s forecasts, with dryness on tap for Argentina for the next 10 days, and Brazil getting rains in the north and central production zones, while the south misses out.  All of Brazil and Argentina are expected to get relief in the 11 to 15 day window.  The US Southern Plains are getting a light dusting of snow this morning, with forecasts calling for temperatures to moderate going forward.

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