Grain > Commentary > 2-27-2023

2/27/2023

Feb 27, 2023

2/27/2023
Grains saw some brief trade higher during the overnight hours but quickly gave away to selling after the 8:30 re-opening. With very little fresh news available for corn and soybeans, wheat was the price leader today. This weekend saw much needed rains move across parts of the Oklahoma and Texas panhandles and Southwestern Kansas. More is needed to make those crops, yet, but the significant rainfall brought a sense of relief. With large snowfalls in the northern plains last week and a good rain in the heart of the dustbowl, the weather patterns are possibly shifting following a drought-ridden 2022. Offering no help was the weekly export inspections. With 573k tonnes shipped last week, corn shipments were within expectations but remain limited. We continue to wait for an improvement in corn volumes. Soybeans missed low with 691k tonnes inspected. This number was below average for the week and was the first bad week for soybeans we've seen in a long time but still above what is needed weekly to reach the USDA export number.

December corn has held above its significant August low. I expect some corrective buying come in over the next couple days.
corn-chart.png

Read More News

11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected. 
9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.