1/12/2022
Jeremy Vander Vorst, Grain Marketing Specialist
January 12th Agtegra Morning Market Insight

Reminder to get orders placed for USDA report at 11am
Corn: As of 7:45 1- Higher
CONAB cut the early season corn production number for Brazil from 29MMT to 24.7MMT but left the late season corn production number unchanged at 86.2MMT. USDA Crop report is expected to show ending stocks falling 10mbu to 1.48bbu with a range of 1.36 to 1.60.

Soybeans: As of 7:45 3 Lower
Tuesday temperatures in Argentina were above 105 in places and broke several records. Extended forecasts continue to show a break in temps and much need rain in the forecast. The average guess for the US soybean carryout is 348 million bushels. Trade guesses for Brazil soybean production average 141MMT versus some privates that are near 131 to 135MMT.

Wheat: As of 7:45 Unchanged - 5 Lower
Australia continues to have an aggressive pace on wheat exports with November exports at 1.6MMT which China accounts for roughly 40% of the total. The average guess for US wheat carryout is a hefty 608 million bushels and the average guess on all winter wheat acres is 34.2 million acres.