Grain > Commentary > 6-27-2022

6/27/2022

Jun 27, 2022

6/27/2022
More risk-off in corn and wheat following a weekend that saw much needed precipitation in major growing areas with some totals in Iowa and Illinois estimated between 4-5" or more.  Crude oil bounced back following two weeks of lower trade.  This was supportive to the soy crush and soy oil, lifting soybeans with it.  Forecast outlooks are turning more "greenhouse" than drought, calling for above average temperatures and precipitation into mid-July.  Weekly export inspections were on the higher end of trade expectations for corn and soybeans this week with 1.246 million tonnes of corn and 468k tonnes of soybeans inspected for shipment.  Year to date shipment pace for corn exceeds the USDA target by 101 million bushels and may be stuck short of target for soybeans with Brazil set to become the world grain supplier for the next couple months.  The USDA just increased soybean exports in this month's WASDE report and it is very possible that they will have to reverse that change.  U.S. crop conditions are expected to be steady with last week's report.  Brazil corn production estimates are seeing another round of increases and the 8 a.m. sale announcements from the USDA have become non-existent.  This is concerning considering the large price break we've seen on the board, recently.

Weekend rainfall
rainfall.png

Read More News

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.