5/29/2024

May 29, 2024


Corn and soybeans down firmly for the second day in a row with a shift in the forecast that will likely provide an opportunity to clean up any acres that are left to plant in the eastern corn belt.  Also adding to the pressure in corn and beans was a weekly crop progress report showing some sizable leaps in planting completions which bring us ahead of the 5-year averages for this week.  Corn was reported at 83% planted, right in line with the trade estimate and up from 70% last week.  Soybean plantings came in at 68% complete, above the trade guess at 66% and up from 52% complete the previous week.  There are some various reports of re-plant happening and potential for some PP acres but nothing appears to be widespread or substantial at the moment.  We are also starting to see some year-over-year increases in Ukraine grain exports.  More grain available globally isn't helpful, especially after considering the U.S. export market is already suffering from a lack of demand and new crop sales have been slow to book.  We still expect to see one more good pop in the corn market over the next 30 days leading up to the planted acres report the end of June.

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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...