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