Grain > Commentary > 3-13-2024

3/13/2024

Mar 13, 2024

Corn finishes fractionally mixed and soybeans around 1 cent mixed, as well, after both test the high and low side on Wednesday. We weren't able to follow-through on yesterday's strength in soybeans but our daily range was one of the narrowest we've seen in a while. Also, volume was very light compared to the past two weeks. The market has put together a decent rally since we bounced off a significant low on February 26 and now is the time to seriously consider getting caught up on old crop sales and getting your foot in the door with a good shot of new crop sales, as well. Weekly ethanol data showed production and stocks both off from the prior week with production decreasing by 33,000 barrels/day to 1.024 mln bpd and stocks off 300k barrels to 25.8 mln bbls.

December 24 corn: Trade has attempted to break through Dec’s 50-day moving average the past two days but has not been able to hold. There’s been a solid uptrend develop over the past two weeks but trade will need something fresh if we want to sustain this rally further. The 50-day MA is an obvious hurdle but I am also watching the 480’0 area where we traded for a few weeks in late Jan-early Feb.

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.