Grain > Commentary > 10-29-2021

10/29/2021

Oct 29, 2021

10/29/2021
Grains shrugged off early weakness and corn goes into the weekend after trading strongly for close to the entirety of the day session, setting fresh highs for the day shortly before the closing bell.  Soybeans gain back yesterday’s losses after buying support spilled over from corn and wheat.  The Spring Wheat front month has now set new contract highs in 8 of the last 10 trading days.  Oats continue to climb higher into uncharted territory, setting new all-time highs nearly every day.  No one seems to have a solid understanding of the sudden surge in the corn market other than technical buying to stay competitive with small grains and buying acres for next year.  The USDA made 3 sale announcements at 8am this morning, all for the 2021-22 marketing year; 279,415 tonnes of corn to Mexico, 132,000 tonnes of soybeans to unknown, and 222,350 tonnes of soybeans to unknown.  It’s good to see some export sales but we need to see a lot more for those to become more meaningful and not just routine business.  Weekly cash closes: corn up 30 cents and soybeans 22 cents higher.
 

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...