Grain > Commentary > 2-2-2024

2/2/2024

Feb 02, 2024

Friday didn't offer us anything fresh in the markets.  Corn was quietly down in the range of 2-4 cents and soybeans settle 13-15 cents lower and just above fresh lows as the market continues to price in record production and favorable conditions in Brazil.  Following three years of traditionally high prices, incredible production in the U.S., and added acres in South America there is a plentiful supply of grain around the globe.  Near-record prices of soybeans in the U.S. has created demand destruction and allowed Brazil to undercut our exports.  Corn usage has increased year-over-year during this market cycle but big acres and record yield in the U.S. has given end users a plentiful supply.  Overall outlook for the markets continues to be lower.  Extended forecasts have been consistent in favoring an early spring.  Average planting pace, average growing conditions, and average yields for corn and soybeans is not supportive to current price levels.

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10/9/2026
Oct 09, 2026
USDA Report Update:
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9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
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