Grain > Commentary > 1-6-2023

1/6/2023

Jan 06, 2023

1/6/2023
Soybeans bounce double-digits higher into the weekend with 14-21 cent gains.  Corn had buyers overnight and early in the day session, trading to 7 cents higher before profit taking evaporated gains.  Corn finishes mixed 1 lower to 1 higher.  The USDA confirmed two export sales this morning: 132,000 tonnes of soybeans for delivery to unknown during the 2022/23 marketing year and 112,000 tonnes of corn for delivery to Mexico, split between the 22/23 and 23/24 marketing years.  The weekly net export sales report was disappointing for wheat and corn.  Wheat sales have had record low volumes the past two weeks.  Corn sales came in well below estimates at 319k tonnes sold and featured Mexico as the only significant buyer.  Soybean sales were average at 721k tonnes sold.  I expect the markets to be relatively quiet heading into next Thursday's crop production report.  Like always, we encourage everyone to have sell orders working on major report days for old and new crop.

outlook.png

Read More News

9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.