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Grain Comments: 1/9/2023
Good Morning:
The grains are pushing back against overall commodity headwinds this morning but mostly in reaction to a rough week to start the year, recouping some fairly substantial losses so far in 2023. Said recovery will be fighting against technical resistance, though, and a severe lack of fundamental help until the trade has the big USDA January report date to process. We’re guessing traders will be expecting a bit of a rebound in corn and soybean yields/production/carryouts in next Thursday’s annual “final” publication…
U.S. precipitation chances look thin over the coming five days, mostly mixed in the 6-10 day time frame as well before above-normal action moves back in for the 11-15 day period. Temperatures remain safely above-normal for the next two weeks, across the entire Plains and Midwest.
Argentina was dry again over the past 24 hours and will remain so going forward, with only light chances arriving mid-next week but likely not making a dent in moisture stress problems. Temperatures will be hot as well, moving up into the mid-90’s to 100 degrees Fahrenheit next week and potentially lingering past that as well. Brazilian rains again fell in the northeast and the best chances remain there through the weekend and early next week, before above normal rains shift a bit southward into the center of the country next week.
Have a great day!
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