Grain > Commentary > 1-25-2024

1/25/2024

Jan 25, 2024

Soybeans were sharply lower today, finishing 10-17 cents in the red after a quick test and fail at the 20-day moving average. Surprisingly, corn held its ground and seemed unaffected by the negative trade in soybeans, finding a bid at 5 lower and improved to close Thursday at 1 cent lower. A combination of the fail at the 20-day, a poor showing on the weekly export sales report, and Brazil harvest were cited as the reason for today's weakness in soybeans. Corn sales totaled 955k tonnes which was near the middle of its expected range. Soybean sales missed low, reported at 561k tonnes. Trade had expected sales to total in the range of 700k-1.2 mln tonnes. Corn sales pace to date shows corn sales exceeding the USDA target by 46 million bushels, down from 58 million bushels the previous week. Soybean pace continues to increase its deficit, now 17 million bushels behind the USDA target versus 12 million bushels last week.

Some nice improvement in moisture conditions over the past month.

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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
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