8:00 AM Market Direction:  Corn down 11; Beans down 32.

Grains and oilseeds continue Tuesday’s slide into Wednesday with corn and soybeans down sharply. Volume was firm.

T-storm Weather®: In Argentina, dry & hot weather dominate over the next 5-7 days. Scattered thunderstorms follow as a few waves of energy and/or cool fronts pass next week, most likely producing 1.00" to 2.00" within a wide area leading into February. In Brazil, upper-level high pressure limits rainfall across the northeast quarter of soybeans over the next week, while rain gradually diminishes across Mato Grosso, and occasional thunderstorms form along the remnant of a cool front in southern areas.

Taiwan’s MFIG bought 65 kmt U.S. corn overnight. Otherwise, overnight tender news was limited.

BEIJING, Jan 20 (Reuters) - China's soybean imports from the United States in 2020 rose by 52.8% from a year earlier, customs data showed on Wednesday, though the stepped up buying likely fell short of what was needed to fulfil last year's trade deal between the countries. The world's top soybean buyer last year brought in 25.89 million tonnes of the oilseed from the U.S., its second-largest supplier, up from 16.94 million tonnes in 2019. Chinese buyers stepped up U.S. farm pro-duce purchases to meet China's pledge to buy $36.5 million in farm goods in 2020 under the Phase 1 trade deal signed with Washington last January. Soybean purchases were expected to make up half of the monetary target and estimates showed China needed to import about 40 million tonnes to make good on the deal. Besides the push to meet the trade deal, soy-bean imports also rose as China rapidly replenished its pig herd after it was decimated by the deadly African swine fever during the last two years. Chinese crushers mostly buy soybeans to crush into soymeal to feed livestock, mainly pigs, and soyoil.

The EPA yesterday granted 3 SRE waivers, a smaller quantity than feared by the ethanol industry from the outgoing administration.

The flat price question of the day is if we’ve reached the peak or if the last 2 days trade is just a “correction”. The large managed money length is a scary dynamic to the bulls, while tight world balance sheets remain.

Look for a choppy day, likely to stay weaker.

Ags lower on soybean correction.

Trump's departure not televised; Biden Inauguration today.

Covid-19 still dominating headlines.

Corn - $3.88 Spring    

Beans - $9.17 Spring