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.

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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. 
9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.