3/29/2021

Mar 29, 2021


3/29/2021
Another day of lighter volume ahead of the planting intentions report.  Trade continues to be more about positioning money rather than fundamentals.  On the technical side, corn and beans have both been testing their 50-day moving averages on a daily basis with May beans closing at 1393'0, slightly above their 50-day MA of 1392'7.  It feels like we are in a bit of a down trend but managed money added to its long positions in corn by 17,275 contracts and 6,813 contracts of beans last week.  Fund net positions are estimated at 350,000 contracts long in corn and 116,000 contracts long in beans.  It feels like there is a lot of money sitting on the sidelines ready to come back into the game on Wednesday, they're just waiting to see which side of the market they need to be on.  I am expecting to see a large number of corn acres on the planting intentions.  Weekly export inspections didn't hurt the market but didn't offer much help.  Inspections for the week-ending 3/25 were 1.695 mln tonnes of corn and 425k tonnes of beans.  These were both mid-range of the trade estimates.  Wheat came in below the bottom end of the estimated range at 302k but outperformed expectations the previous 2 weeks.

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Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...