Grain > Commentary > 1-4-2024

1/4/2024

Jan 04, 2024

The slow grind of the market continued on Thursday with soybeans giving back 4-9 cents but corn found some interest, ending the session slightly higher out to the December 24 contract. March corn spreads were firmer again, today, as well. Trade is still waiting for a story to develop for U.S. corn and soybean demand appears to be satisfied. Wheat rallied today on rumors of more China business. Funds and spec money is content to stay net short until we get something to spark this market higher. News continues to be entirely routine and slow and the market doesn't look like it will do much ahead of next week's report. Weekly ethanol data showed production down 58,000 barrels/day to 1.049 million barrels. Stocks were increased by 100,000 barrels to 23.6 mln bbls.

Corn continues to consolidate sideways/lower towards a potential breakout on report day.

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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.