Tuesday, 12 January….this will set the tone for the remainder of January and likely Q1. In other words, game on Donkey Kong…

• Fund long ꟷ record for the time of the year in both corn and soybean
• Fund soybean position ꟷ continues to baffle, with that segment of the market decent sellers vs. buyers
• New record long position for the five major ags
• Day 2 of index re-balance on Monday
• New highs in SX21-SN21 inverse
• New highs in CU21-CN21 inverse ꟷ back end inverse widens CZ23-CZ21
• S. domestic corn demand faces poor ethanol margins and poor livestock profitability
• Board crush smashed for the first week in the new year ꟷ making new contract lows
• Soy oil board + market structure continues to look eerily similar to Q1 2020
• MPOB December palm oil balance sheet due out 11 January
• CONAB out with its latest Brazil numbers early a.m. on 12 January

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