Grain > Commentary > 4-11-2023

4/11/2023

Apr 11, 2023

The USDA left the corn and soybean balance sheets unchanged in the April WASDE report.  It was slightly bearish in a sense that trade had been expecting cuts to this year's ending stocks.  Corn was trading unchanged prior to the report and the July contract was down as much as 7 cents as an immediate reaction at 11 a.m.  Soybeans were trading around 10 cents higher before the report, were sold off to trade around 2 cents higher but managed to pick up some momentum late in the session and end the day with 4 to 10 cent gains.  Our market will now be driven by weather and planting progress reports over the next month leading up to the May WASDE report.  We still like the $6.50 cash price level on corn and we are still optimistic about potential $14.75-15.00 soybeans.

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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
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