Grain > Commentary > 4-20-2023

4/20/2023

Apr 20, 2023

Today was another very quiet day in the grain markets as basically the entire screen was red.  Export sales this morning was very poor.  New crop corn was the only exception. The renewed shipping of grain out of Ukraine continues to pull wheat markets lower and corn is the follower.  Beans are lower on more weakness to the Brazil premiums as their crop seems to keep getting bigger by the day.  As the markets broke lower the last couple days, farmer engagement has shut off completely and the focus now turns to the planting season ahead.  Hopefully the weather warms up next and allows some progress.  For those of you with May basis contracts, we have until the 27th of May to clean them up.  High volatility will continue in the May futures, so be careful and pay close attention.  We are playing with a double-edged sword at this point with spreads.  

Read More News

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. 
8/12/2025
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.
5/12/2025
May 12, 2025
News broke Sunday that the USA and China have agreed to ease tensions and lower tariffs.  The US is lowering tariffs on Chinese goods from 145% to 30%.  China is lowering their import tariffs from 125% to 10%.  Talks will resume in the coming weeks.  This news had stocks, grains and oil higher overnight. Then of course we had a USDA grain report come out at 11:00 this morning.  That was also a bit friendly.