Grain > Commentary > 5-23-2024

5/23/2024

May 23, 2024

Corn and wheat traded 2-4 cents higher in steady fashion throughout the day while soybeans reversed lower off of a fresh high for the month.  Losses in soybeans were kept minimal with closes ranging 2-7 cents lower on the day and our consistent trend of higher lows in the beans remains intact, extending this pattern to 8 consecutive sessions today.  We still have some nice setups on the charts for corn and soybeans to make another leg higher but if we fail to get anything fresh for the bull to trade, we may be seeing our spring rally near its top.  We have room to make some new highs for this move and challenge the gaps on the charts given our current fundamentals but we will need a threat to this year's crop or some substantial new demand if we want to see us extend higher from there.  

Reminder: Glacial Plains will be closed on Monday, May 27 for Memorial Day.  The markets will be closed on Monday, also.

Read More News

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. 
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.