Market Update – January 11, 2022

• Rains in South America, a crappy export inspections report and with a looming USDA tomorrow lead to a big sell off yesterday – specifically in soys which we are seeing continue into this mornings trade
• Private analyst Conab jumped on the bandwagon of lowering their production estimates for 2021/22 soybeans – from 142.8 MMT to 140.5 MMT 
• Overall markets just bracing themselves for a data dump tomorrow at noon before making a decision on direction