We kickoff the day with Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., 32-Day Bill Auction and 52-Week Bill Auction at 12:00 P.M.

The Commitment of Traders report showed another week of large fund buying in the principal ag markets, much of which was driven by the market’s response to the January USDA reports. For the week ending Jan 14,funds were large buyers in corn, soybeans and soybean oil markets and also added their net long positions in lean hogs, live cattle and feeder cattle. Funds were light sellers of soybean meal and Chicago and Kansas City wheat markets. Across the 10 principal ag markets funds were net buyers of 139,401 contracts, lifting the net long position to 391,000contracts, the most since July 2023 and 2^nd largest since Feb 2023.

South American Weather Forecast Near Term Consistent/Favorable; February Uncertain:

The major forecasting are in broad agreement that helpful /widespread rainfall impacts Argentina’s corn ag belt this weekend, while needed dryness/sunshine develops across soaked area of norther Brazil next week. The GFS model’s implied 8-day change in soil moisture with rainfall .75-2.00”in central Argentina stabilizing moisture & yield potential.

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