Morning Calls & Comments (1.11.23)
Corn: 1 to 3 cents higher.
Soybeans: 8 to 12 cents higher.
Wheat: Steady 2 cents higher.
Soybean futures finished the overnight session on the high, while soymeal and soyoil also firmed. Corn followed the soy complex higher, while wheat was mixed overnight. We expect a firmer tone at the start of daytime trade, with support from outside markets. Crude oil futures have moved to strong gains and the U.S. dollar index has given back most of its overnight strength. With much of traders’ attention on positioning ahead of Thursday’s barrage of USDA reports that include the Annual Production Summary, Supply & Demand Report, Winter Wheat Seedings and Quarterly Grain Stocks Report, some corrective selling could surface if early buyer interest is limited.