Grain > Commentary > 2-23-2022

2/23/2022

Feb 23, 2022

2/23/2022
Wednesday brought us another incredible day in the markets. Overnight trade was subtle in comparison to the day session. All classes of wheat posted double digit gains on the day with Kansas City wheat leading the way, trading at levels not seen since 2012 and has real potential to trade at, and above, the $10.00 level for the first time since 2008. We really didn't have any new headlines or news to trade today as the market continues to beat the South American weather and Ukraine/Russia conflict drums. The USDA made a sale announcement this morning of 132,000 tonnes of soybeans to China for 2022/23. This market has been on replay since the beginning of the year and there's not much to say about it at this point besides enjoy the ride. Work slow with your new crop sales. With this type of volatility, corn price targets spread apart by 35-50 cents and soybean sales targets staggered by 75 cents or more are not out of the question.

Soybeans took out last year’s high of 1667’2 today, we are now trading at price levels not seen since 2012. The market is currently expressing almost no signs of weakness. If we can manufacture a weekly close above last year’s high, it definitely opens to the door to possibly new all-time highs this year.
bean-chart.jpg

Read More News

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:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
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.