Grain > Commentary > 12-13-2022

12/13/2022

Dec 13, 2022

12/13/2022
Corn and soybeans traded almost exclusively higher on Tuesday.  After trading steady at 2 cents higher, money quickly flowed into the long side of corn, where the March contract traded 660'0 before fading back to just below unchanged.  Soybeans re-gained most of Monday's losses, even trading near 3-month highs before settling 8-19 cents higher on the day.  The USDA announced a soybean sale this morning of 140,000 tonnes for delivery to unknown during the 2023/2024 marketing year.  It is estimated that China needs to purchase an additional 1.5 million tonnes of soybeans for shipment in January to bridge the gap between U.S. supply and a fresh Brazil soybean crop.  After figuring in the data in yesterday's weekly export inspections report, corn shipment pace is 171 million bushels short of the USDA target versus 162 million the previous week.  Soybeans mostly maintained their pace, now 36 million bushels shy of the pace needed versus 34 million bushels the week prior.

outlook.png

Read More News

8/15/2025
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. 
8/12/2025
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.
5/12/2025
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.