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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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. 
1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
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.