4/3/2023

Apr 03, 2023


What looked to be a hot start to the week cooled off for corn by mid-day. Commodities were expected to open higher following the announcement over the weekend from OPEC+ that crude production would be cut. A decision that is an assumed reaction to the U.S. strategic petroleum reserves not being supplemented at previously stated prices. The markets spent most of the overnight firmly in the green and corn traded out to 9 cents higher shortly after the 8:30 re-opening. Corn ended the day with the front contract down 2'6 cents and fractional to 1 cent higher finishes from July 23 and further out. Soybeans started out the session in strong fashion and held throughout the day, finishing 13-18 higher. Spreads off of the May contracts softened today. There were 2 export sale confirmations from the USDA this morning: 150,000 metric tons of corn to Mexico for 2023/24 and 20,000 metric tons of soybean oil to unknown destinations in 2022/23. Weekly export inspections were near the top-end of estimates for corn at 1.097 mln tonnes inspected, soybean shipments were mid-range at 499k tonnes. Corn pace holds steady but should begin to close the gap on the USDA target during April.

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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.