All eyes on Jan. 12 report

Traders are waiting to see what happens Thursday when USDA releases the January crop report that includes WASDE numbers, final 2022 production information, Dec. 1 grain stocks and the first assessment of 2023 winter wheat seedings.

“We could see revisions to the previous year’s crop as well on this report,” acknowledges Joe Camp of CommStock.

This will be a big report since it tells us about demand in the previous quarter. The trade consensus is for fractionally higher corn and soybean yield estimates on Thursday.

“Even so, we are likely to be left at the tightest level of carryout estimates for corn and soybeans since 2012,” said Camp on Wednesday’s CIFN Midday Update.

What USDA says about Argentina and Brazil production is another big part of the Jan. 12 report which is due out at 11 a.m. Central. We will have analysis here on The Central Illinois Farm Network.