4/26/2024

Apr 26, 2024


Wheat added to its recent rally while corn and soybeans were slightly pressured. A large precipitation system that’s expected to bring rainfall to about 75% of the corn and soybean growing areas materialized earlier today and rain is forecasted to continue off and on through Monday. On the opposite side of the coin, this same system is expected to miss about 50% of the wheat growing area. Corn stayed within a 4-cent range today while soybeans traded a relatively tight 8-11 cents. This week’s rally has been well-received by everyone and there’s been a fair amount of old and new crop pricing done this week but volatility has decreased from what we've become accustomed to over the past few years. Look to use corn sell orders spaced out in 12-15 cent ranges compared to the 25 cent ranges we've been using.  But for now, we will use 25 cent increments until this rally gives us a negative signal.  Also, soybeans sell orders may be better utilized in 25-30 cent increments rather than 50 cent increments.

We had another chance at $4.25 new crop corn today before fading lower to the finish. This is a price target we set a few weeks back after taking into consideration our October downtrend and 100-day moving average. Those could be some very stiff areas of resistance. Still recommend a sale at $4.25 and if the market can push through our nearest resistance areas, another target just under the gap on the chart at 503’0 for another round of new crop pricing. 

Read More News

Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
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. 
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.