Grain > Commentary > 3-25-2021

3/25/2021

Mar 25, 2021

3/25/2021
Trade was lower overnight and all through the day session.  We started off this morning with some supportive news with a flash sale of 110k tonnes of corn to Japan for the 2020/21 marketing year.  Weekly net export sales were confirmation on last week's announcements of big sales to China, with corn coming in at a whopping 4.482 million tonnes sold.  Sales to China accounted for over 86% of the total corn sales for the week ending 3/18/21.  Soybean sales were on the low end of expectations at 102k tonnes.  For the 2020/21 crop year, current sale bookings stand at 98% of the total for corn forecasted by the USDA and 99% for beans.  One would think the USDA would be backing themselves into a corner if they leave their carry outs and export numbers unchanged on the April WASDE report.  Overall, another day of range trade.  Simply speaking, the market was lower today because the spec funds sold.  Demand for both corn and soybeans remains steady with China continuing to buy large volumes of commodities despite reports of ASF outbreaks.  USDA announced yesterday that it will move forward with the CFAP programs (with some revisions) after President Biden brought them to halt.
 

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7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
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.