Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.Estimates for Brazil's soybean crop continue to trend downward as adverse weather conditions impact production. Last week, the USDA lowered its projection for the 2022/2023 Brazilian soybean crop to 158.5 million tons due to a lack of rainfall. In contrast, the estimate for the 2022/2023 crop was increased by 3 million tons to 158 million tons. This adjustment reflects the agency's expectations for higher domestic demand for soybean meal and oil, potentially limiting exports of these products. Additionally, Argentina's return to normal export levels may pose challenges for Brazilian exports of soybean oil and meal. Safras also reduced its estimate for this season's Brazilian soybean crop to 151.4 million tons, further highlighting the challenging conditions faced by Brazilian soybean farmers. ????️Large money managers increased their net short positions in the corn market, according to the latest CFTC Commitment of Traders data. During the week ending January 2, these funds were net sellers of 29,000 contracts of corn, reflecting bearish sentiment in the market. Similar trends were observed in soybeans and SRW wheat, where large money managers also increased their net short positions. ???US corn export sales faced a significant decline last week, with net sales dropping to a marketing year low of 367,500 metric tons (14 million bushels). This decrease of 70% from the previous week and the prior 4-week average highlights the challenges in the export market. On the soybean front, net sales also hit a marketing year low at 201,600 metric tons (7 million bushels), down 80% from the previous week and 85% from the prior 4-week average. Wheat sales of 131,600 metric tons (5 million bushels) were down 52% from the previous week and 79% from the prior 4-week average. These numbers underscore the dynamic nature of US grain exports and the impact of various factors on sales. ???The December jobs report brought some positive news, as more jobs were added than expected. Non-farm payrolls increased by 216,000, surpassing economists' projections of 175,000. The unemployment rate remained steady at 3.7%, defying expectations of a slight uptick to 3.8%. While the pace of job creation in 2023 slowed compared to the previous year, the US economy still added 2.7 million jobs throughout the year. ????The Securities and Exchange Commission (SEC) is moving closer to approving spot-bitcoin exchange-traded funds (ETFs). The SEC's announcement that exchanges and issuers seeking to list Bitcoin ETFs must submit final paperwork by a certain deadline indicates progress in this area. The SEC commissioners are expected to vote on the exchange-rule filings, and if approvals are obtained, these ETFs could begin trading shortly thereafter. This development highlights the growing interest in cryptocurrency-related investment products and their regulatory evolution. ???