Monday December 12, 2022

• Beans seeing a bit of a sell off this morning after forging highs on Friday 
• Widespread beneficial rains in both Brazil and Argentina this weekend aiding in their crop conditions 
• USDA report released Friday was overall fairly non-eventful
  • Exports for 2022/23 lowered for corn, raising the carryout slightly – as expected
  • Bean and wheat carryout remained untouched 
  • South American production was also left unchanged 
• The re-opening of China is leading to a very rapid spread of COVID through the country putting a huge strain on their health care system
  • Chinas economy estimated to go into a down spell as a result, expecting up to 20% of their population to be hospitalized