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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2/10/2026
Feb 10, 2026
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1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
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.