5/11/2021

May 11, 2021


5/11/2021
Turnaround Tuesdays have become almost routine.  Old crop lead the way in an impressive bounce back after yesterday's liquidation.  July beans set a new contract high at 1625'4 and May closed at 1637'4, above a resistance point on the chart at 1630'0 from early July, 2013.  USDA announced another new crop corn export sale to China of 680k tonnes (27 mln bu) this morning.  Over the past 2 days, China has purchased 93.7 mln bu of new crop corn and canceled 13.4 mln bu of old crop.  China is rolling corn purchases into the new marketing year, most likely because they cannot logistically receive the volume of corn they had purchased from us.  Crop progress for planting was reported at 67% complete for corn (+21% from previous week, 52% average) and 42% for beans (+22% from week prior, 22% average).  Tomorrow is report day and I don't expect see much change for new crop numbers, only what is affected by any changes in old crop figures.  This incredibly fast planting pace we are seeing is due to general dryness/drought throughout the corn belt and I suggest being prepared to see corn acres estimates increase.  Biggest surprise today was the weakness on Wall Street not spilling over to soybeans and corn.  As of 2:00pm, the Dow was about 500 points lower on the day.

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Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
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...