USDA will release the next supply and demand report Thursday (Jan. 12).
This report will include the second quarterly stocks report and any final U.S. 2016 production changes. The report usually tends to move markets one way or another and can set the direction for the next month or so.
Merrill Crowley of Crowley Commodities in Watseka previously said we could get a bearish report with nothing big occurring regarding yield increases or harvested acreage. USDA could decrease export demand with the possibly large South American crop.
Stocks are the usual culprit in the January report.