Post report ebb and flow

Corn and soybeans pulled back on Thursday as the markets digest the relatively tame January report from Wednesday and handicap the lates forecast out of South America. We continue to see lower production estimates but this is all expected by now. We have had lower levels published daily from different entities for over a week now so the market should have priced much of this into prices. The market will react one way or another depending on what it thinks of the rain event hitting SA this weekend. We also have a long weekend so we will see some positioning today in anticipation. Overnight first support held at 13.65 for soybeans and corn did not put out new lows with support still at 5.82. NFC Grain Comments 1.14.22 (1)