Wednesday January 4, 2023

• Markets began slipping lower mid morning yesterday, taking off the top end of gains put on through the Holidays 
• Export sales continue to be disappointing out of the U.S. as the prime export season for North America gets closer to its end
  • As South American harvest advances typically sales decline from the U.S. 
• StoneX has lowered their estimate of Brazil soybean crop from 130.3 MMT to 128.7 MMT
  • Lower yet still a record crop
• Dryness in both Argentina and Brazil will continue to be closely monitored 
• Trade will be watching for estimates for next weeks USDA report – should start to see industry predictions end of this week