Grain > Commentary > 1-31-2023

1/31/2023

Jan 31, 2023

1/31/2023
Weaker overnight markets were seen as buying opportunity for the 8:30am crowd.  Corn traded 4 lower overnight before money flowed in on the long side, pushing the March contract to within 1/2 cent of a fresh 3-month high.  The 685-688 area on Mar 23 corn is establishing itself as resistance and defining the top end of our trading range.  Money exited rather quickly and corn was back to lower trade on the front three contracts by noon.  Money flow was similar in soybeans where we traded 9-13 cents lower overnight before the morning buying frenzy sent us to our daily high.  Corn and soybeans both ended the day mixed, all within 1-4 cents of unchanged.  Money is trying to trade Brazil weather and put a bullish spin on a slower soy harvest and safrihna corn planting.  Next week is the USDA's first chance at adjustments to the crop balance sheets since issuing the final production numbers earlier this month.  Corn is likely to remain unchanged but soybeans could see some adjustments to exports.

outlook.png

Read More News

3/31/2025
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.
3/11/2025
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.  
8/30/2024
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...