The January report typically marks a turning point, especially for soybeans. Soybeans could rally similar to last year, even though soybeans have record stocks. November futures were briefly over $10 today.
The corn market is also higher.
Wheat tends to turn after the January report and there was a bearish reversal today.
Export report out this morning was very disappointing for wheat. Wheat is dogged by the idea that export demand is slowing for wheat. The corn export number was outstanding. Soybeans are enjoying good sales.
There are a number of concerns about farm finances, according to discussion at the Farm Futures Summit. Forecasters are forecasting lower net farm income, yet reasonable expectation will have profitable price for corn and soybeans sometime during the marketing year.