2/28/2023

Feb 28, 2023


2/28/2023
Not a good day in the grain markets today.  Corn support was at 6.35 futures and the market failed to hold that level and finished at the lows of the day at 6.30.  That opens the door for some more downside pressure down to the gap we have sitting at 5.95 futures.  My fingers are crossed that we can find some exports at these lower prices, which might get us to bounce back in the coming weeks.  The processor likely needs more coverage when the farmer hits the field to plant and lower prices will slow farmer selling for now.  Beans were also drug lower today as they tried to hold their own the last few days, but today they felt the pressure the as well.  Support on May beans is at 14.76 futures, which is only 3 cents away currently.  If that level doesn't hold it opens the door to the November low at 14.19 futures.  The main reason for the bean pressure today is the advancing Brazilian harvest and offers from that country that are well below the United States. A lack of Chinese buying and news they may be washing out of Argentine purchases added to the negative tone. Crush margins remain negative in China and these cancellations would not be surprising.

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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. 
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. 
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.