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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Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT. 
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
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.