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Grains posted a pretty impressive recovery today after Friday took a turn to the deep red, although soybeans fell the most out of the three commodities from its highs as speculators came in during the afternoon. It is notable that soybeans failed to close about the 10.00 mark on futures.
Argentina is dryish the next 10 days and Southern Brazil comes up short of moisture in the same period. Some midday models introduced rainfall to Brazil’s southern areas in the 6-15.
USDA inspected 33.4 million bushels of corn in the week ending January 2nd, falling right in line with trade expectations and keeping the U.S. well ahead of the pace needed to reach USDA’s export target with shipments to Mexico remaining robust. Soybean inspections came in toward the high-end of the expected range at 47.2 mbu, following the typical seasonal decline but remaining well ahead of the pace needed to reach USDA’s export target here as well. Exports are likely slowing soon with the harvest of an expected record Brazilian crop just around the corner. All wheat inspections came in hot at 15.2 mbu, above even the highest trade estimate of 12.9 mbu, with Mexico being the featured destination there as well.
Funds were thought to have been mixed today with corn and beans sellers and wheat a buyer.
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