Grain > Commentary > 6-12-2024

6/12/2024

Jun 12, 2024

In true USDA fashion, the market was given absolutely nothing to trade with the WASDE report.  It was as pure of punt as you can get and the market reacted accordingly with some dull trade following the report release until corn made a late session push to finish 1-5 higher.  U.S. balance sheets remained unchanged for 2023/24 and 2024/25 with exception of 23/24 soybean crush lowered by 10 million bushels, which trickled all the way down to the 24/25 ending stocks increasing by 10 million bushels.  South American production forecasts were left mostly unchanged with the exception of Brazil soybean production being lowered by 1 mmt.

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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. 
1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
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.