Grain > Commentary > 5-10-2023

5/10/2023

May 10, 2023

After a largely negative day on Tuesday, corn rebounded with the July contract trading up to 12 cents higher and ending the day up 9.  Yesterday's downward spiral was fueled by another China cancellation and some very good planting pace numbers from the USDA.  This cancellation was for 272,000 tonnes, or about 10.7 million bushels, but corn found footing today as it was rumored China was putting back on some of these cancelled sales.  It appears the bulk of the corn crop will be planted and in the rearview mirror by the end of the week with some already switching to soybeans.  Weekly ethanol data showed a fall in production of 11,000 barrels/day to 965,000 bpd.  Stocks dropped 72,000 barrels to 23.29 million bbls.  Corn use for ethanol is at an estimated total 3.467 billion bushels, down 173 million bushels from this time last year.  The ethanol grind is also behind the pace needed to meet the USDA demand number by 32 million bushels.
 

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2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT. 
1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected.