Grain > Commentary > 6-10-2024

6/10/2024

Jun 10, 2024

Corn and soybeans ignore some sharply lower trade in wheat and enjoyed a solid, steady day with decent gains.  We briefly traded lower after the 8:30am re-opening but we bounced out of the red quickly.  Weekly export inspections were all within their expected ranges.  Corn was at the high end with 1.340 mln tonnes shipped and soybeans were on the low side at 231k tonnes shipped.  We have had a solid reset on the market and our "planting delay" is now priced out.  Longer term forecasts show above-average temperatures expected through the end of June.  Combine that with some big question marks on acres and yield changes in USDA reports over the next 5 weeks means trade could be comfortable adding some risk premium to the market.  Do we go back to challenge the highs?  There's always that possibility but routine/slow demand is going to keep a cap on the market.  Truthfully, we need a supply issue to materialize to spark a real rally.  As of right now, conditions are good enough globally to keep the world well supplied with grain.

Read More News

3/31/2025
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.
3/11/2025
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.  
8/30/2024
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...