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

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. 
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.