Grain > Commentary > 6-25-2021

6/25/2021

Jun 25, 2021

6/25/2021
More rains in Iowa and Illinois means more long liquidation heading into the weekend.  Markets showed some strength at the start of overnight trade, with corn trading around a nickel higher and beans about 15 higher at one point.  We did have an 8am sale announcement this morning but it wasn't the one trade was looking for.  USDA announced a sale of 122,000 tonnes of soybean meal to Mexico split between the 2021/22 and 2022/23 marketing years.  Still more rumors today of possible new crop bean cargoes sold to China despite no confirmation this morning on yesterday's rumors.  We may have to wait for next week's export sales report to see these sales.  Full trade estimates and averages for next acres planted report were released late yesterday.  Corn acres ranged from 92.0-95.8 million, with a 93.8-million-acre average.  Soybean acres are also estimated to increase, with estimates ranging from 87.9-90.4 million acres and a 90.4-million-acre average.  USDA gave us 91.1 million acres of corn and 87.6 million acres of soybeans in the planting intentions report back on March 31.  For what it’s worth, my own estimation is 94 million acres of corn and 88.5 million acres of soybeans.  Looks like they're trying to give us a little more rain on Sunday, hopefully they're right!

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3/31/2025
Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
3/11/2025
Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
8/30/2024
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...