USDA’s Jan. 12 reports elicited bullish price responses in the grain markets, with USDA’s cuts to corn production being particularly dramatic. Front-month corn futures are now trading above $5 and at their highest level since July 2013, with nearby soybean contracts above $14. Wheat futures also got a boost from Russia’s aggressive plans to limit wheat exports. You’ll find plenty of report coverage, policy updates and your trusted market analysis and advice in this week’s letter. Download it here.