4/23/2024

Apr 23, 2024


After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more technical signals on our front month contracts that indicate potential for a further rally exists. May corn traded a high for the month of April at 443'6, eclipsing our old high of 442'0 which traded on the first day of the month. May soybeans pushed above the March downtrend line and still have a little room overhead before meeting their 20-day moving average. Weekly crop progress estimated corn plantings at 12% complete which matched the trade average guess and last year's progress on this week. 12% could be considered largely average at this point of the season. Soybean plantings were estimated at 8% complete, which also matched this same week last year but was slightly above the trade guess of 7%.

Wheat has been the price leader and been a big factor in the bullish price action of corn and soybeans. As of today, Chicago wheat has rallied over 50 cents off of last Thursday’s low.

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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. 
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.
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.