5/26/2021

May 26, 2021


5/26/2021
July corn finds some buying support around the 600 level early in the session to finish 4 higher.  December corn traded similar, with buying interest coming in around the 500 level, managing to squeeze out a nickel higher on the close.  Old crop beans were 7-8 lower and new crop months were virtually unchanged from yesterday.  Volatility was present today with corn seeing a 27-cent range and a 36-cent range in beans.  Corn trade perked up with rumors swirling of China having interest in US old crop corn but, with no bids on the PNW market, it will remain to be seen if there is any truth to it.  It genuinely feels like our market has turned from "buy the fact, sell the rumor" into "buy the rumor, sell the fact."  Remind yourself where our markets were at a year ago, how long it has taken to return to these price levels, and not to leave grain in the bin unpriced past the point the market shifts its focus to new crop.  Soybean demand continues its downtrend with end-users claiming they are very close to bridging the gap to the new crop period.  Demand for corn has slipped slightly but good margins for end-users will keep them hungry for bushels and help maintain some strength in basis.  We go from unseasonably warm to unseasonably cool in a matter of a couple days but the 90%+ chance for rain is worth it.

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Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
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.