Good morning. Markets are higher at the CBOT to start the week, as corn and soybeans add on to Friday's gains and wheat, which ended lower on Friday, also moves to the upside. Soybean futures are leading the way higher with gains of 9 to 11 cents while corn tacks on 2 to 4 cents and wheat futures trade 6 to 8 cents stronger. Friday's bullishly construed USDA reports have given corn and soybean markets the first positive jolt in months. Conab will release its monthly crop update tomorrow including revised projections for Brazilian corn and soybean production. Most analysts expect that Conab will increase its estimate of 2025 Brazilian soybean production from last month's 166.2 MMTs with expectations in the 168 - 170 range. Crude oil futures are continuing to rally, up $1 to $1.50/barrel and trading at the highest level since last summer. Stock market indexes are in the red , indicating lower Dow, NASDAQ, and S&P 500 openings. The Dollar Index is firmer and making new highs for its stronger move that began last October.

Today's Reports: Export Inspections, CFTC Commitment of Traders

• The CME Group for Monday assigned 4 contracts of soybeans for delivery. There were no soybean meal or soybean oil deliveries.

• The weekly COT report, which was delayed from its usual Friday release, will be released this afternoon. It will include data for the week ended Tuesday January 7th.

• Friday's WASDE report surprised traders as the USDA trimmed the U.S. corn yield 3.8 bu./acre and took 24/25 corn ending stocks lower by 198 million bu. The stocks/use ratio for corn is now 10.2%, indicating that while stocks aren't at worrisome low levels, they won't be burdensome when the marketing year comes to an end on August 31st.

• The U.S. soybean S/D table also looks stronger after Friday's report which trimmed U.S. ending stocks by 90 million bu.

• Two Brazilian agribusiness consultancies disagree on Brazilian soybean production. Safras & Mercado increased its crop estimate to 173.7 MMTs from its last estimate of 171.8. On the other hand, Patria AgroNegocios lowered its estimate to 167.9 MMTs from its December projection of 170.4.

• The Brazilian Supreme Court is expected to issue a ruling on a request challenging a state law that ends tax breaks for grain traders banning soybean purchases from deforested areas of the Amazon rainforest. The ruling is expected to be announced net month.

• China's soybean imports for 2024 were a record 105.0 MMTs, 6.5% more than in 2023 as lower soybean prices and buyers preparation for a possible trade war starting in 2025 drove import volumes higher. Ample supplies and weak domestic crush margins are expected to cut China's 2025 soybean imports.

• Argentine and southern Brazil will have better rain chances and cooler temperatures by late this week although the next 4 to 5 days will be hot with little rainfall. Scattered showers are forecast for both Argentina and southern Brazil beginning Thursday. Temperatures will cool back to normal by next weekend in Argentina. Rainfall totals of half an inch to 2 inches are expected from January 23 -28.The week three forecast shows a more normal rainfall and temperature pattern for Argentina into early February.

• Most of the U.S., including all of the Midwest will remain in a colder than normal pattern the next two weeks with the coldest air of the season to date expected next week. River logistics will steadily worsen as the month wears on.