Grain > Commentary > 2-5-2024

2/5/2024

Feb 05, 2024

Soybeans were quietly 4-7 cents higher and corn mostly unchanged to begin the week.  The grind continues, picking up where we left off last week as the market evaluated some weekend rain in South America.  This morning, the USDA announced 155,000 tonnes of soybeans for delivery to Mexico during the 2023/24 marketing year.  There was a little bit of role reversal in the weekly export inspections report.  Total tonnes shipped last week between corn and soybeans were near the top end of the trading range total guess but corn missed to the low side and soybeans well outperformed their high estimate.  Shipments totaled 624k tonnes for corn and 1.426 mln tonnes for soybeans.  That was a 10-week high for soybeans.  We should begin seeing an upswing in corn shipments as we near their seasonal window for shipping.  Marketing year to date, corn shipments slow their pace to an 11-million-bushel surplus versus an 18-million-bushel surplus last week.  Soybean shipments improve from 68 million bushels behind the USDA target pace to a 64-million-bushel deficit.

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6/11/2026
Jun 11, 2026
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5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.
2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT.