4/1/2024

Apr 01, 2024


An unfavorable start to the week for corn after last Thursday's friendly report.  Corn never saw higher trade of any kind throughout the session and ended Monday off 3-6 cents.  Soybeans followed lower in what was a very quiet session for soy.  Weaker spreads held the bigger losses on the front months and new crop corn is still 6 cents within Friday's high.  New crop soybeans are roughly 30 cents off of their recent high but have found some simple technical support with the 20 and 50-day moving averages.  The May corn and soybean contracts have also found some simple moving average support.  Weekly export inspection volume continues on with traditional volume for corn and soybeans.  Corn shipments were reported above trade expectations with 1.432 mln tonnes last week.  Soybean shipments came in low at 414k tonnes.  Wheat had its best week of the marketing year and out-performed trade expectations wiht 499k tonnes shipped.  Soybean shipment pace is slowing and is just 10 million bushels above the USDA export target.  Corn shipments exceed their target pace by 45 million bushels and continue to grow.  A good sign the U.S. corn market is low enough to generate demand.

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Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
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. 
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.