Grain > Commentary > 6-21-2021

6/21/2021

Jun 21, 2021

6/21/2021
The volatility continues and it's only just begun.  We started the overnight markets down 15-20 cents due to weekend rainfall.  The eastern corn belt saw much better rains than in the west.  Minnesota, the Dakota's, and Northern Iowa were the big disappointments.  Iowa has another chance towards the end of the week, but the Dakota's and Minnesota will remain dry.  We saw a couple good bean sale announcements at 8 am today.  336,000 metric ton to China and 120,000 metric ton to Unknown.  That sale was rumored on Friday, so it was not a surprise.  The market however liked to see it confirmed today!  Beans rallied back to finish up 15 on old crop and 6 on new crop bouncing over 40 cents off their lows for the day.  Corn finished the day down 6 on old crop and 9 on new crop, still in red figures but nearly 20 cents off their lows of the day.  These big daily swings are going to continue as this crop is far from made and there remains a number of unknowns.  Weekends just add to the volatility in these situations.     
 

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7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
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.