More stress for South America

Corn and soybeans finished mixed as they sort out money flow and production cuts from South America from multiple entities. A prolonged dry & hot weather situation will cover a widespread area of production for Argentina and Paraguay. We feel the rains forecasted for week 3 in Argentina will be very impactful on price depending on what materializes for coverage and accumulation. This will come on the heels of the January WASDE next Wednesday. We will start to see some pre-report positioning the next few sessions as this report can be a volatile one but the markets should be well supported on any major breaks.

NFC Grain Comments 1.7.22

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