10/6/2021

Oct 06, 2021


10/6/2021
Corn and soybeans were unable to maintain overnight strength with both finishing the day in the red and well off of the daily highs.  Weekly ethanol numbers bounced backed with output up 64,000 bpd to 978,000 bpd, an 8-week high.  Ethanol stocks were down 289,000 barrels to 19.90 million barrels, their lowest number in 18 weeks.  Soybean basis is starting to show a little more weakness.  The current western cornbelt average is 46.5 cents under Nov and the eastern cornbelt average is 44.75 cents under the average.  Comparing to one year ago, the western corn belt was averaging 63.75 cents under and the eastern was averaging 35 cents under the Nov 2020 contracts at this same time last year.  Next week Thursday, the USDA will release the October WASDE report.  Early estimate averages show a small increase in the 2020/21 ending stocks for corn to 1.432 billion bushels (1.408 in the September report).  After the USDA increased the size of the 2020/21 soybean crop in the quarterly grain stocks report, ending stocks are seen to increase to an average of 300 million bushels (185 mln in September).  After yesterday's big technical bounce in the soybean trade, the November contract tested support around the 1240'0 level again today.  

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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.  
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...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....