Grain > Commentary > 4-13-2021

4/13/2021

Apr 13, 2021

4/13/2021
Beans rebounded from yesterday's liquidation on the overnight trade and through the day session while corn was strongly higher after some mixed overnight trade.  After a large sell-off like yesterday's, you can expect to see markets bounce back higher the following day (Turnaround Tuesday!).  New crop corn established a new December 21 contract high of 505'6 shortly after the morning open and was able to hold most of its gains through the day.  Our second crop progress report for the season was released late yesterday afternoon with corn planting at 4% (6% trade estimate, 3% yearly average).  Spring wheat planting is seen ahead of average at 11 complete vs a 6% yearly average and is most likely due to dry conditions in large wheat seeding areas.  Winter wheat conditions are currently 53% good/excellent and 5% headed.  Planting soybeans ahead of corn has been a popular activity this year with farmers attempting to take advantage of the market inverse.  Basis has been strengthening daily for both corn and beans as end-users scramble to get coverage on an ever-shrinking supply.  Many are considering taking delivery on futures as a cheaper alternative to the cash market.
 

Read More News

9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
8/15/2025
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.