Friday January 14, 2022

• Lower again today as the markets continue to sell off some of the weather risk that had been priced in over dryness in South America now that their weather forecast has turned more optimistic 
• South American weather is back to being the “hot topic” in the markets – and will likely remain so until we get more insight into the U.S. acreage battle later this spring
• We are coming into a long weekend for the markets – they will be closed Monday in recognition of Martin Luther King Day