Grain > Commentary > 2-12-2024

2/12/2024

Feb 12, 2024

Corn improves a penny after setting fresh lows overnight and soybeans put together a 9-cent bounce on Monday. Weekly export inspections came in on the high end of expectations with 880k tonnes of corn and 1.326 mln tonnes of soybeans shipped last week. Marketing year to date, corn shipments exceed their pace needed to meet the USDA forecast by 13 million bushels, up from 11 million bushels last week. Soybean inspections are currently 25 million bushels behind their required pace. The forecast for Brazil soybean production this year has some discrepancies between CONAB and USDA. CONAB is showing significant lower production and trade is definitely giving this some serious consideration. Soybeans have been mostly inside of a 30-cent range over the past 7 sessions and markets typically do not stay in one spot for long. The next move for soybeans will either be a nice recovery to fill upside gaps or a breakdown lower. We are in a good support area for corn. The corn market as a whole appears healthy and end users are willing to buy corn at current prices.

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.