Thursday January 13, 2022

• As the markets continue to digest yesterdays USDA report – they are finding the information less supportive than their initial reaction showed
• The cut to South American production yesterday was very welcome – however expected and with beneficial rains now falling, it will be difficult for the markets to price much more risk into the soy or corn market on that story 
• Weekly U.S. exports were less than impressive this morning adding to the negative tone of the markets overall