Grain > Commentary > 4-26-2023

4/26/2023

Apr 26, 2023

The market tried to build some momentum higher overnight and shortly after the morning break with corn trading up to 5 higher and soybeans 11 higher but we were unable to sustain the higher trade. During the final hour of the session today, corn looked very weak and printed its lowest close since July of 2022. Soybeans finished mixed. Overall, trade felt uninspired today. Weekly ethanol production was down 57,000 barrels/day to 967,000 bpd, the second lowest production number in the past 15 weeks. Ethanol stocks were also down 1 million barrels to 24.3 million barrels. Yesterday afternoon, there were a few reports from around our local area of some action in the fields but nothing widespread.

Lowest close in Dec 23 corn since February 2022. Sitting right above major support levels in July and Dec 23 corn charts.
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7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
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.