Moving higher!

Corn and soybeans took the South American rains in stride and worked off yesterday’s lows with good finishes for both. Corn traded above $6 on the close. Overnight both corn and soybeans came out hot currently up 5 cents and 13 cents respectively. NOPA soybean crush for December was a record and with a large crush forecasted by the USDA we will need those numbers to remain large. In more bullish news the USDA attaché to Brazil cut their planting area to 40.4 million hectares and soybean production to 136 MMT. Crop continues to shrink down there and with the acreage battle in full swing look for some action the next 6 weeks. For today we need to see if buyers come early in the session to push the markets to new daily highs but it is hard to think the market will pull back much today. NFC Grain Comments 1.19.22

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