Grain > Commentary > 6-26-2024

6/26/2024

Jun 26, 2024

Wednesday was a rinse-and-repeat with another day in the red.  Trade was steady overnight, hanging around unchanged, and then gave us a bit of a head fake this morning.  It looked like we had found some footing with beans up 12 and corn up 5 shortly after the 8:30 re-opening but those levels just could not hold.  As a result, corn set fresh lows for the calendar year and soybeans held juts above.  Friday's report is likely to bring some big volatility with corn averaging over a 28-cent move and soybeans over a 43-cent move.  Analysts do not expect much change in acres but do see a decent increase in corn, soybean, and wheat stocks year-over-year.  Weekly ethanol showed a decrease in production of 14,000 barrels/day to 1.043 mln bpd.  Stocks were off 200k barrels from the previous week, reported at 23.4 mln.

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6/11/2026
Jun 11, 2026
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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.