4/1/2021

Apr 01, 2021


4/1/2021
After closing limit higher yesterday, it was hard to imagine we would finish the week with a red leg on the chart for the old crop months.  Last night, May corn gapped higher on the open by 11 cents and May beans put up an 8-cent gap with both wasting little time trading to 20 higher.  It was a downhill slide after that with managed money and algorithm trading constantly repositioning.  Best not to put too much weight into today's trade action as we need the 3-day Easter break from trade to really understand what price levels we should be trading.  We get another big report next Friday, April 9, in the WASDE report.  If the USDA decides to keep carry-outs at the same numbers 3 months in a row, it will be tough to maintain our renewed bullish momentum.  Overshadowed today were the weekly export sales.  Corn, soybeans, and wheat were all within their expected ranges but mostly on the low end.  The biggest highlight was China purchasing one cargo of US soybeans plus one cargo switched from unknown to China.  Reminder, GPC will be closed tomorrow (4/2/21) for Good Friday.  The markets will also be closed but trade will resume Sunday evening at 7 p.m. and we can work a sell-order if you like.  Happy Easter.

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Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off. 
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.
May 12, 2025
News broke Sunday that the USA and China have agreed to ease tensions and lower tariffs.  The US is lowering tariffs on Chinese goods from 145% to 30%.  China is lowering their import tariffs from 125% to 10%.  Talks will resume in the coming weeks.  This news had stocks, grains and oil higher overnight. Then of course we had a USDA grain report come out at 11:00 this morning.  That was also a bit friendly.