Grain > Commentary > 6-23-2021

6/23/2021

Jun 23, 2021

6/23/2021
A much more reserved trading range compared to what we have seen over the past month with 15-20 cent ranges in corn and soybeans and both finishing mixed on the day.  Late yesterday there were rumors of China being back in the market for new crop soybeans and those rumors were confirmed true this morning with the USDA's 8am announcement of 330,000 tonnes (12.1 mln bushels) of soybeans to China for the 2021/22 marketing year.  Talk was swirling again today that China was buying more new crop beans and this means exporters are selling beans on the PNW market that may not be there (the Dakotas and Minnesota) given our current conditions.  Weekly ethanol numbers were larger, with output up 23,000 barrels per day to 1.05 mln bpd.  Ethanol stocks also increased to 21.12 mln barrels, up 518k barrels from last week.  Weather forecasts showing more rains for eastern Iowa and parts of Illinois over the new few days, along with the presumption of additional corn acres on the June 30th planting report, will likely keep our market in check for now.

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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.