Grain > Commentary > 6-10-2022

6/10/2022

Jun 10, 2022

6/10/2022
Not too much excitement in this month's WASDE report but a surprising finish on the board given the fresh information.  The USDA maybe gave us the first sign of demand destruction in corn (high prices cure high prices) with a 50 million bushel cut to this year's corn export estimate.  Results overall were a net increase of 45 million bushels to this year's ending stocks.  Soybean exports were increased 30 million bushels which was also the net change in this year's ending stocks.  This was slightly friendly compared to the pre-report trade estimates.  The doom and gloom over the soybean crop in South America is all but over, the USDA added approximately 80 million bushels to their S.A. production estimates for this year.
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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.
2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT.