Grain > Commentary > 3-7-2023

3/7/2023

Mar 07, 2023

3/7/2023
After ending last week on a high note, corn and soybeans drifted lower for the second consecutive session.  Corn stayed within 3 cents of either side of unchanged, finishing 1-3 lower.  Already trading lower on the day, soybeans tried to muster up some support at the 20-day moving average but broke below that level just after 11 a.m. this morning.  The USDA did not have any follow-up export sale confirmations this morning after a couple nice corn announcements yesterday.  We will get a fresh set of fundamentals for the market to chew on tomorrow at 11 a.m. with March WASDE report.  Pre-report estimates show trade is expecting a 41-million-bushel increase to corn ending stocks to 1.307 bln bushels and a small cut in soybean stocks to 220 mln bushels.  South American production is expected to drop for Argentina and remain steady for Brazil.  After our report is priced in, the market will be back to trading South American weather and will begin discussing the quarterly grains stocks and prospective plantings reports due out at the end of the month.

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7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
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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.