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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1/12/2026
Jan 12, 2026
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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. 
9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu.