Friday January 6, 2023

• Market finally able to turn around for the last trading session of the week after a rough start to 2023
• Australian analysts expect the 2022/23 harvest to reach a record 42 MMT after seeing massive yields
  • Up from initial estimates of 36.6 MMT
• U.S. fuel ethanol production reached its lowest level since February 2021  
• Weekly U.S. export numbers released this morning
  • All three commodities weekly sales came in below estimates range
  • This is particularly disappointing on the corn front – as you can see below corn export sales are significantly below the pace needed to meet USDA demand estimate 
  • Beans are still on pace to reach USDA export sales estimate, wheat is slightly below pace needed to meet expectations