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Next real demand story in the ag markets will be the January WASDE report, as well as the Dec 1 quarterly grain stocks report, which both are released Friday, January 12th. CONAB releases its January monthly report on Wednesday the 10th as well. Choppiness likely remains the theme for the final two trading sessions of 2023 with subdued volume. The Canadian dollar continues to push higher, keeping basis levels under pressure.
Mid-day South American weather forecasts are in agreement in calling for continued heat/dryness through this weekend, before a relatively cooler and wetter pattern evolves next week. The 6-10 day forecast currently advertises totals of 1.5-3.0" for the northern half of Brazil's soy belt. Next week's rain is still desperately needed for most producers, but overall, a mostly beneficial forecast for both corn and soybeans.
Funds were thought to have bee mixed with corn and wheat sellers and beans a buyer.
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