- The Senate voted to confirm Janet Yellen as the Fed Chair on Monday, the 15th chair in the Fed's history. She is the first female Fed Chair and helped develop the Fed's current communication policy.
- The USDA January Supply and Demand report comes out at 11:00 AM CT on Friday, January 10, 2014, as well as Quarterly Stocks and Planted Acreage.
- Outside markets as of 7:00 AM: crude oil is up 0.56, USD unchanged, and S&P futures are up 6.00
- Corn export inspections came in below expectations at 19.3 million bushels vs. 28.7 million last week.
- The Commitments of Traders report yesterday afternoon showed funds net short 163.8 contracts of corn vs. 156.9 the week prior
- Argentina is hot and dry, but rains are still in the forecast for later in the week. The market does not seem as concerned about South American weather as it shifts its focus to Friday's USDA reports.
Outlook: March corn couldn't quite take out yesterday's high overnight, and will likely be choppy and leaning lower as markets wait to see the effects of index re-balancing.
- China's Dalian soybeans were up 19 in overnight trade, while soymeal was down 4.5 and soyoil was down 78. There were deliveries of 245 bean oil contracts.
- The Commitments of Traders report yesterday showed funds net long 116.5 contracts of soybeans vs. 135.5 the week prior.
- Brazilian growing regions saw somewhat disappointing rains of less than 0.25" and look to receive below average rainfall over the next 10 days.
Outlook: March beans look set to test nearby support again after taking out yesterday's low overnight.
- Argentina's wheat harvest, which is now about 75% complete, has been better than expected and there is talk that they will begin exporting as soon as Jan 10. This would cut into potential U.S. HRW business to Brazil.
- India's PEC is set to offer 160 MT of wheat in a Wednesday tender, the first of three offers which will total 630 MT.
- Temperatures remain very cold across the wheat belt. There is sufficient snow cover for most areas, but parts of eastern Indiana, north central Kentucky, and southern Ohio lack snow cover and could be in danger of winterkill.
- The Commitments of Traders report yesterday showed funds net short 103.8 contracts of Chicago wheat vs. 102.4 the week prior, and net short 6.3 contracts of KC wheat vs. 4.9 the week prior.