Closing Market Report- 1/12/22- Trade Reacts to USDA Data Dump on Wednesday

After all the dust settled on Wednesday, we saw soybeans move higher along with meal and oil while wheat was under pressure and that acted as an anchor to the corn market. USDA on Wednesday released a slew of numbers with the January World Agricultural Supply and Demand Estimates (WASDE), as well as the Quarterly Grain Stocks report for Dec. 1, Winter Wheat and Canola Seedings and Annual Crop Production.

USDA increased corn ending stocks in the 2021-22 crop by 47 million bushels (mb) to 1.54 billion bushels (bb) and increased soybean stocks by 10 mb to 350 mb on Wednesday. USDA also showed a record corn yield in the 2021-22 crop at 177 bushels per acre (bpa), beating the 2017 record of 176.6 bpa. Meantime, we saw hogs move higher on the day while cattle were mostly lower.

Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406

Also, more analysis with Jesse Allen and Mike Zuzolo of Global Commodity Analytics on today’s Market Talk below: