Grain > Commentary > 5-11-2022

5/11/2022

May 11, 2022

5/11/2022
Corn, soybeans, and wheat all posted double-digit gains one day ahead of our monthly WASDE report.  The July contract for corn settled the day near the middle of the range traded over the past two weeks, July soybeans settled on the low end of its 3-month trading range.  With soybean acres already increased 3% year-over-year in our March planting intentions report and corn plantings becoming further delayed, farmers may turn more acres to soybeans.  Front end contracts are already flirting with some major support levels and if no big headlines can rejuvenate the soy market nor the USDA provides anything fresh to boost the values, July soybeans could be heading towards the 1525'0-1550'0 area.  A sizeable move lower in soybean futures would likely see basis improve with processors already collecting excellent margins in the crush.  Weekly ethanol showed output up 22,000 barrels/day to 991,000 bpd and stocks up 253,000 barrels to 24.14 mln bbls.  After today, the forecast shows an excellent possibility of a 7-day window for field work coming together and is probably all we need to get the necessary corn acres in. 
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6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.
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.