11/7/2022

Nov 07, 2022


11/7/2022
The market was defensive and went risk-off to start the week after China flip-flopped on their announcement from last week about loosening up of Covid protocols.  Two days out from our November WASDE report, the market is leaning towards a larger supply and smaller demand for corn.  Soybeans were pressured on what the China Covid protocols possibly mean for U.S. soy demand.  U.S. weekly export inspections were excellent for soybeans at 2.591 million tonnes, hanging with some of our best numbers over the past seven years.  Soybean export shipment pace falls short of the USDA target by 73 million bushels compared to 89 million bushels the previous week.  This gap should continue to narrow.  Corn inspections disappointed with 231k tonnes inspected for shipment.  This was the lowest total for this week over the past seven marketing years.  We should start to see an upswing in corn inspections going into the second half of November.  Have sell orders working on Wednesday to capture potential price spikes following our WASDE report.

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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. 
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.
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.