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