Grain > Commentary > 3-15-2024

3/15/2024

Mar 15, 2024

It looked like it was going to be an uneventful session to the end the week.  Corn was hanging around 1 higher and soybeans recovered off of their lows and were trading steady down 1-2 cents.  A buying surge in the last 20 minutes pushed corn and soybeans to go into the weekend 2-3 cents higher.  It was just enough to get May corn back above its 10-day moving average and May soybeans will start next week looking to make a push through $12.  The USDA made a corn sale announcement for the second day in a row.  Today's sale was for 125,000 tonnes for delivery to unknown during the 2023/24 marketing year.  We also had the NOPA Crush report for February.  The total of 186.194 mln bushels crushed was a record for the month of February and up 12.6% from February 2023.  This was well above the average trade guess of 178.06 mln bu.  Soyoil stocks were reported at 1.69 bln lbs, down 6.6% from a year ago but above the trade guess of 1.591 bln.

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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.