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.

WASDE.png

Read More News

5/12/2026
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.
2/10/2026
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. 
1/12/2026
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.