1/10/2023

Jan 10, 2023


1/10/2023
Trade has been focused on positioning ahead of Thursday's big data dump. Corn and soybeans were largely weak overnight and came off of lows as money tries to get the market to move. Both also enjoyed relatively large ranges on the day and finished mixed within a few cents of unchanged. Corn saw around 9-16 cent ranges while soybeans traveled roughly 19-25 cents between their daily highs and lows. Overall, it was a weak finish on the day. The charts continue to coil/tighten, priming us for a sizeable breakout following Thursday's report numbers. This morning, the USDA confirmed the sale of 174,181 tonnes of soybeans to Mexico for delivery in the 2022/23 marketing year. The PNW remains extremely quiet but corn bids out of the gulf jumped overnight. The assumption is some sizeable export business is getting done but corn needs more if we want to keep these price levels supported. A degrade of growing conditions in South America, outside of Argentina, would also be helpful.

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Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...