Overview
- Soybean, corn and wheat sales for the week ended Jan. 22 totaled 818,972 MT, 1.649 MMT and 558,201 MT respectively, with China leading soy purchases and Japan topping corn bookings.
- Futures positioning turned more bullish earlier in the week as soybean open interest rose by 12,031 contracts and preliminary corn open interest increased by 20,796, while wheat strength was aided by a weaker dollar before giving back gains on Friday.
- EIA data showed ethanol output eased to 1.114 million bpd with a draw in stocks, and November trade figures highlighted strong corn shipments (7.305 MMT) and record November ethanol exports (211.33 million gallons).
- Cattle markets were mixed as cash trade printed $238–$240 live and $375–$378 dressed, the USDA Cattle Inventory report was due later Friday, and APHIS noted additional screwworm cases in Mexico; pork sales reached 55,980 MT with weekly slaughter running below last year.
- Cotton stayed under pressure with futures lower and total export commitments at 7.553 million running bales as of Jan. 22, about 13% beneath last year despite the week’s largest shipments since May.