1/19/2021

Jan 19, 2021


1/19/2021
Overnight trade was mostly lower with corn seeing a 10-cent range and beans trading a quarter.  We had 8 am sale announcements for 228k tonnes of corn split between Israel and Japan and 132k tonnes of new crop soybeans sold to China.  Day session trade was more consolidated continued lower through session.  This is the corrective move we have been expecting in the beans since the sharply higher move following the WASDE report.  The profit taking and liquidation in the beans was not surprising after a long trade weekend that included good rains and the start of early bean harvest in Brazil.  Corn also corrected back today but another day matching today's lower close would be welcomed to fill our trade gap and create a healthier push higher when/if that happens.  The story for corn is developing.  The US isn't tight on corn inventory but anywhere else in the world that raises corn continues to debate between protecting domestic supply and taking advantage of rising prices.  Ukraine is considering tighter corn export restrictions and Argentina weighs the idea of higher corn export taxes.  The long-term outlook for wheat continues to improve.  China auctioned off most of its state wheat reserves last week at the equivalent of about $10.50/bu.  A combination of China demand and Russia's export tax should be supportive for the US wheat market.

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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...