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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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. 
9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.