Grain > Commentary > 1-26-2024

1/26/2024

Jan 26, 2024

Grains go into the weekend on a down note.  After rallying 35 cents from Monday through Wednesday, soybeans spent the last two sessions in the red and gave back most of those gains to close the week near unchanged.  Corn spent this week in a slow churn higher but gave back all gains today to also finish unchanged on the week.  We had found some support and buying interest based on South American weather.  Trade has a decent idea of what the crop will be in Brazil but concerns over the conditions in Argentina had trade covering some shorts until an updated forecast appears to be bringing some relief to crops in the country.  This morning, the USDA confirmed the sale of 100,000 tonnes of soybean meal for delivery to unknown during the 2023/24 marketing year.

Read More News

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:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report.