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

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. 
5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.