January WASDE & Quarterly stocks report day

Corn and soybeans leveled out yesterday after some early morning selling and finished just on the positive side. Like we wrote yesterday we are expecting a bump in the soybean carryout and a unchanged to smaller corn carryout. If the soybean carryout stays below 380 million bushels you should not see a huge pullback but over that number it could get a little ugly. Our overall thought is that even though the January report has a history of being a volatile report without a major surprise that would scare the funds the market should be well supported. The USDA usually slow plays the South American numbers so we expect modest trims today. It is hard to predict but we are still leaning towards flat price telling us that domestic demand remains robust. NFC Grain Comments 1.12.22 (1)

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