Based on the January World Agriculture Supply and Demand Estimates (WASDE) released by the USDA were uneventful. Last year the January WASDE caught the market by surprise. This year, saw minor balance sheet adjustments for grains. In response to the report coming out, soybeans and soymeal continued to climb upward with heightened support in the market. However, wheat and corn both saw loses today on the CME with minimal changes to the wheat supply and demand and a bearish call to the corn sector.

The global soybean supply and demand outlook for 2021/22 saw deeper cuts in supply than corn, but changes on U.S. balance sheets were mild. The soybean harvested area is estimated at 86.3 million acres, down 0.1 million acres from the previous report. Yield is estimated at 51.4 bushels per acre, up 0.2 bushels. This led to a 10-million-bushel increase in production to 4.435 billion. Supply for soybeans was raised 11 million…