Grain > Commentary > 3-10-2023

3/10/2023

Mar 10, 2023

3/10/2023
After dipping 3-5 cents lower just ahead of the coffee break, corn managed to keep its head above water (and the $6.00 level on the board) on Friday to end the week.  Soybeans finished 3-5 lower but firmly above their low marks on the day.  The market was ready to buy May soybeans when it briefly traded below the $15 level.  U.S. export sales netted a marketing year high for corn last week, exceeding market expectations for a total 1.412 mln tonnes.  On the opposite end of the spectrum was soybeans, which printed a marketing year low with 23k tonne net cancellation, led by Pakistan cancelling 2 cargoes.  After trading its highest levels in over 14 years in 2022, wheat continues on its path downward, spring wheat contracts are trading around 60% of their value from 10 months ago.  Also keeping the market defensive and on edge is Wall Street.  As of about 1:20pm, the DOW was down 1,500 points and the NASDAQ 500 points lower on the week.

outlook.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.