Market Update – January 24, 2022

  • Mixed markets this morning after a dramatic turnaround at the end of last week
  • Russian-Ukrainian tensions continue to flare – keeping a support under the wheat prices
    • Reuters noted, related to how this conflict may impact global markets – the impact on wheat and corn exports was listed as the number two overall concern
  • Beneficial rains over the weekend in South America will make it hard for soybeans to try for new highs 
  • Corn will feel the pressure from the rains as well – however will have the benefit of some spillover strength from the wheat market
  • USDA reported cattle on feed in the U.S. as of January 1 at 12.037 million or 100.6% of last years total
  • Flash corn and soybean sales to Unknown and China respectively, were reported this morning