Monday January 10, 2022

• Markets looking to start the week on a lower note – all eyes are on Wednesday’s USDA report – biggest headlines expected to come from  
  • “Final” yield numbers for 2021 corn and bean crop
  • Updated South American production estimates
  • December 1 U.S. stocks
  • Planted winter wheat acres 
• Report Estimates
  • Corn: average estimates has no change to the corn yield at 177 bu/ac, also expecting lower overall carryout – reflecting an expectation to see higher demand numbers
  • Soybeans: average estimates has almost no change in yield – from 51.2 bu/ac in November to 51.3 bu/ac expected this week, carryout also expected to be lowered – reflecting optimism in increased demand 
  • Wheat – no production changes on this report – overall carryout expected to be lower reflecting higher demand
  • South American production: The biggest number from S.A. we will be watching is the Brazilian soybean production estimate – which is pegged to go down from 144 MMT to 141.6 MMT 
    • Argentine soybean and corn production both expected to be cut, while Brazilian corn expecting to see an increase
• Beyond Wednesdays report attention is still on South American weather which is looking to have more moisture this week overall – contributing to this mornings losses