11/20/2023

Nov 20, 2023


Soybeans were the darling to start the holiday week.  After trading as much as 13 lower, soybeans completed a large reversal higher to improve 17-27 cents on the day.  Corn drug its feet in lower trade before finally flipping green in the final hour of the session and closing with gains of 1-2 cents out to the July 25 contract.  While soybean sales over the past month have impressed trade, shipments continue to be routine/seasonal.  Export inspections last week were as expected with 554k tonnes of corn and 1.609 mln tonnes of soybeans shipped.  Previous week figures have been routinely revised higher this fall.  The USDA announced 104,000 tonnes of corn sold to Mexico for the 2023/24 marketing year this morning.  

Reminder:  Glacial Plains will be closed on November 23 and 24 for Thanksgiving.

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May 12, 2025
News broke Sunday that the USA and China have agreed to ease tensions and lower tariffs.  The US is lowering tariffs on Chinese goods from 145% to 30%.  China is lowering their import tariffs from 125% to 10%.  Talks will resume in the coming weeks.  This news had stocks, grains and oil higher overnight. Then of course we had a USDA grain report come out at 11:00 this morning.  That was also a bit friendly.
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.
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.