Tidbits, USDA Reports, HSBC Market Forecast, Markets & Rain Days Update 1/4/24

Market Comment

The USDA will issue its monthly S&D, Quarterly Grains Stocks, final 2023 Crop Production and Actual Planted Acres of Winter Wheat Reports Friday, January 12th.

The market is going to expect an increase in corn and beans yields with possible small increases in demand for corn and beans. The market will not expect a significant decline in the South American crops. USDA simply does not make significant production changes in January for South Hemisphere crops, no matter how poor the weather has been.

After Tuesday’s price crash in corn and beans, those markets will have a modest price recovery into Friday or Monday, then sell-off to test or expand Tuesday’s lows next Wednesday or Thursday morning, and then have a very modest recovery Thursday afternoon and/or Friday morning. If you need to sell corn by the 15th, we recommend you do it Friday or Monday. The same applies for soybeans, although Brazil’s weather forecast could change and disrupt the normal USDA report price trends.

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