Grain > Commentary > 6-2-2022

6/2/2022

Jun 02, 2022

6/2/2022
Corn managed to mostly stop the bleeding today and traded inside the range of 9-12 cents.  Soybeans bounced back in a big way during the day session after the USDA announced the sale of 352,000 tonnes of soybeans for delivery to Pakistan with 55,000 tonnes delivered in 2021/22 and 297,000 tonnes delivered in 2022/23.  Soybeans are now back within 10-15 cents of Tuesday's highs, which they traded before turning extremely lower that day.  Much of this week's risk-off and liquidation was partially  spurred into motion by weather forecasts that appear encouraging for wrapping up planting season.  Weekly ethanol data showed output up 57,000 barrels/day to 1.07 mln bpd and stocks off 751,000 barrels down to 22.96 mln bbls.  One of the more interesting headlines as of late was the Ukrainian embassy in Beirut announcing that Russia had shipped an estimated 100,000 tonnes of stolen Ukrainian wheat to Syria.  Shortly after the midday point, Russia announced that it is ready to guarantee safety of vessels carrying grain from Ukraine but the market seemed unaffected and took it in stride.

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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.