6/11/2021

Jun 11, 2021


6/11/2021
Today we experienced first-hand how firm of a grip the weather has on our markets.  Despite rainfall totals in Iowa, Nebraska, Minnesota, and the Dakotas varying from only 0 to 1" total, trade felt the pressure to sell.  Soybeans were also had some lingering weakness from yesterday's ending stock increase in the WASDE report.  Overall, the weather story will continue to provide bullish support to both corn and soybeans going into next week where crop condition ratings are expected to decline.  Some areas in the western corn belt have received crop saving rains this week but eastern Iowa has virtually missed out entirely on any precipitation this week.  Weekly finishes: cash corn down 6 cents, new crop corn 20 higher, cash beans 65 lower on the week, and new crop beans 5 cents higher.  Looking forward into next week, the outlooks continue to show a bias towards dry, warm weather across the entire corn belt, with high probabilities of above average temperatures and below average rainfall.  In terms of news, it was a quiet today but this week's trade volume in corn and soybeans was some of the largest we've had since early May.  The effect of a weather market can be seen quiet easily on the spring wheat charts.  After setting contract highs early Monday morning, spring wheat continues to fall back after a parched North Dakota received good rainfall this week.

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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...