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

6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.
2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT.