5/10/2022

May 10, 2022


5/10/2022
A bit of a turnaround Tuesday with corn gaining 3-7 cents and soybeans picking up 5-10 cents on back-and-forth type trade. Buyers and sellers both struggled to establish momentum and it feels like we will probably see a small rally heading into Thursday's WASDE report after yesterday's planting progress update from the USDA showed corn, soybean, and spring wheat seedings all behind trade estimates and still well behind 5-year averages: corn 22% (25% estimated), soybeans 12% (16% estimated), and spring wheat 27% (28% estimated). The USDA has been quiet at 8 a.m. with no export sale announcements so far this week. Something that really needs to be paid attention to is the condition of Brazil's second corn crop. 88% of the 2nd crop corn in Parana, Brazil is currently seen as in good condition, compared to 25% the same week last year. Last year we were told that Brazil would run out of corn to ship early based on their crop conditions and it never happened. Early harvest of this crop has already started. The markets have not had much to say about Brazil lately which is usually a sign that the crop is very good. Sales target for new crop corn is reset at $7 and $14.50 for new crop soybeans. A move on the cash side to $8 corn and $16 beans should also trigger a sale, if any available.

The Dec 22-Mar 23 corn spread has been trading near a 4 cent carry. Not a bad place to roll a hedge if you know you’re going to be storing corn.
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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....