Market Update – Monday January 31, 2022

• Markets pushed higher on the overnights last night but have been unable to hold the gains so far this morning 
• The largest question in the market place remains just how much lower South American soybean production may be than previous estimates
  • It is the feeling that recent rains have been just too little too late to help improve crop conditions 
  • So until the Brazilian harvest has enough acres off to get a true indication on just how much production was lost – the trade will continue to guess
• Crude Oil futures have reached their highest point since 2014 – helping to keep the overall Ag markets supported as well 
• Today is the first day of the Lunar New Year holiday in China – expected to see slower trade action with China over the next week as they celebrate