Tuesday January 18, 2022

• Corn and soybean markets under a wet blanket coming out of the long weekend where the South American crops saw widespread rains over some of the most drought stricken regions
•  Overall South American forecasts for the last half of their growing season do not look concerning –  so if soys and corn want to continue to push higher, we are going to need some new stories to motivate them 
• Wheat on the other hand is starting the week with some double digit gains as global demand remains strong 
• Chinese customs data reporting Jan-Dec 2021 corn imports as a new annual high at 28.35 MMT – up 150% from the 2020 season 
• Chinese wheat imports also set a new record in 2021 up 27% from 2020 coming in at a total of 9.77 MMT 
• Chinese pork production rebounded to almost pre-Swine Fever levels in 2021 – output reached 52.96 million MT last year – compared to 2017 (pre Fever) 53.4 million and half of the breeding farms being decimated by 2019