Grain > Commentary > 2-17-2022

2/17/2022

Feb 17, 2022

2/17/2022
Soybeans breached 1600'0 for the first time since a week ago and corn ventured into the 650's.  After a strong overnight session, the 8:30 market open saw a fair amount of profit taking and soybeans were not able to hold above 1600'0 level.  We spent a majority of the day session in two-sided trade until some strength was, again, observed over the last hour of trade and we went into the close with corn and soybeans both firmly 2-5 cents higher on the board today.  March options going into expiration tomorrow and feels like the fund and spec money is possibly playing opossum going into the weekend and 1600'0 has suddenly become an important spot on the soybean charts.  The USDA confirmed a sale at 8 a.m. this morning: 120,000 tonnes of soybeans for delivery to unknown in the 2021/22 marketing year.  Weekly export net sales were mid-range of expectations for old crop corn and soybeans with 820k tonnes of corn and 1.362 mln tonnes of beans sold.  As expected, after last week's string of sales announcements, new crop soybeans had a big week with 1.526 mln tonnes sold.  The market remains on edge with the Ukraine/Russia situation continuing to develop and trade speculates on how it may possibly affect the physical corn and soybean trade.
 

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3/31/2025
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.
3/11/2025
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.  
8/30/2024
Aug 30, 2024
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