Traders have been pricing in a slightly to moderately bearish report, with expectations of a 100 million bushel increase in corn carryout and a 20 to 40 million bushel increase in bean carryout.
It is worth noting that the pre-selling has not only been driven by small speculators but also by funds. This suggests that there is a broader market sentiment towards pre-selling this January crop report.
Shifting gears to cattle, we have seen a slight increase in boxed beef prices over the past two days. Yesterday, choice boxed beef was up 167 cents, while select boxed beef was down 17 cents.
