Grain > Commentary > 5-1-2023

5/1/2023

May 01, 2023

Monday was a lack-luster day for the corn trade.  After drifting either side of unchanged overnight, corn was stuck in steady 1-2 lower trade through most of the session.  Not surprising considering we are entering the heart of planting season and weather forecasts look very ideal for putting crop in the ground.  Barring a surprise, any rallies will likely be short lived over the next couple weeks.  Going against the grain today was soybean trade which ended the day 8-15 cents higher in steady fashion.  The bounce in beans is partially corrective after a sharp fall-off on the board last week and seasonal trends are mostly at play.  Weekly export inspections for corn came in above expectations at 1.518 mln tonnes, a marketing year high but average for this week compared to past years.  Soybean inspections were mid-range at 400k tonnes.  Shipment pace for corn is now 165 million bushels behind the USDA target, improving from the 183-million-bushel deficit last week.  Soybean export pace continues to hold steady ahead of the USDA pace.  We are currently 64 million bushels ahead of the USDA target, up 2 million bushels from last week.

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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
9/11/2026
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. 
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.