China fully opens

We move to week 2 and the first full week of trading which includes the January WASDE on Thursday. We will be looking for a lot of adjustments in the domestic and world estimates. How will markets maneuver in anticipation of this release. We must believe that the corn carryout will increase while the soybean carryout should not move a lot in our opinion. The other points of interest will be South American production for Argentina and Brazil. We should see a decent cut to Argy soybeans and corn while we expect Brazilian numbers to be unchanged. We also have a quarterly stocks report where there is always a chance for USDA to get their eraser out and fix any miscalculations. In today’s news, China announced it will reopen its borders which gave Crude Oil a boost on demand prospects, but it had not done much for the grain and oilseed markets. Corn is off 3 and soybeans are up 5 in the overnight trading. We will be watching 6.42 & 14.70 for support and 6.59 & 15.02 for resistance. NFC Grain Comments Options -1.9.23 (1)