Thursday January 7, 2021

• Markets opening in the red this morning 
  • There is no way for the market to ignore the disappointment in the export sales, as well as seeing “rain” and “Argentina” in the same sentence 
• Better chances of rain in Argentina appearing on the radar this morning 
• January USDA report out Tuesday
  • Average estimates expecting to see a further tightening of an already small carryout for both U.S. corn and soybeans
  • Also looking to see a decline in South American corn and bean production 
• Weekly U.S. export numbers disappointed this week 
  • Corn and wheat were right on the low end of expected
  • While soybeans were way below range of expectations