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.
corn-chart.png

Read More News

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.
3/31/2025
Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.