Grain > Commentary > 5-8-2023

5/8/2023

May 08, 2023

A mostly uneventful day for corn and soybeans. Trade was higher overnight but had faded back to two-sided by sunrise. Corn managed to finish unchanged on the July contract but ended the day 4-5 cents lower from September on out. Soybeans were down 2-8 cents. Wheat looked like it was going to enjoy some large gains today with some 20 cent higher trade but had some mixed looks by mid-day. Regardless, I think we can determine that wheat lent some support to keep corn and soybeans from drifting too far into the red today. Weekly export inspections continue to be inconsistent for corn. After last week's solid showing, corn was a miss to the low side with 963k tonnnes shipped last week. Soybean shipments were vanilla at 395k tonnes but that is average volume for this time of year. We only have about 1/3 of the marketing year remaining. With corn export inspections and sales lagging well behind the pace needed to meet the USDA's forecast, how will they approach their demand numbers? Corn use for ethanol is also well behind its forecasted number. We may get some answers in Friday's report.

Trade estimates for this week’s crop progress report.
outlook.png

Read More News

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.