Tuesday January 4, 2021

• Green again to start today – the trade was unable to hold the impressive gains we started out with yesterday as the rally was met with farmer selling – we will see if we see the same trend today 
• U.S. winter wheat ratings fell this week – Kansas and Oklahoma (the two largest wheat producing states) both saw drastic declines from 51% and 48 % good/excellent on last report to 33% and 20% g/e respectively 
• StoneX made revisions to their Brazilian soybean production estimates – going from 145.1 MMT to 134.0 MMT – now even lower than last seasons 135.5 MMT production 
  • Decline mainly attributed to the hot dry conditions in Southern Brazil (attributing to about 30% of total soybean production for the country)
• U.S. November soybean crush number came in at 190.5 million bu – below the average estimate and off Octobers one month high of 196.9 million bu 
• U.S. November corn used for ethanol was up from October at 468.7 million bu