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.

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2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT. 
1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected.