1/11/2022
Jeremy Vander Vorst, Grain Marketing Specialist
January 11th Agtegra Morning Market Insight

Corn: As of 7:45 1- Higher
Macro worries continue to dominate trade as the Fed talks about raising interest rates 4 times over the next year to combat inflation.  Weekly export inspections were at 1.02 MMT which was on the high side of expectations. Ukraine continues to export corn at a record pace with December exports at 5 MMT. CONAB lowered corn production estimates for Brazil by slashing production by over 4MMT to 112.9MMT.

Soybeans: As of 7:45 3-7 Lower
CONAB also lowered Brazil soybean production 2.3 MMT to 140.5 versus the USDA at 144, however many in the trade were expecting a much larger cut in production. Extended forecast models increased rain coverage for much of South America however if this does not verify markets may revert to levels seen last week.

Wheat: As of 7:45 3-5 Higher
Weekly export inspections continue to disappoint the wheat bulls as Monday showed 233,000 MMT on the low side of guesses. The lack of snowfall on much of the winter wheat acres will draw attention over the next few weeks as the crop is susceptible to winter kill.