6/29/2021

Jun 29, 2021


6/29/2021
Two-sided action and mixed at the close in corn and soybeans heading into the big report day.  There was some volatility early in the day session but trading ranges were relatively small from late morning into the finish.  Weekly crop condition ratings were expected to improve after last week's rains but corn in the good/excellent category declined 1 point to 64% (65% last week, 73% last year) and soybeans maintained their 60% good/excellent rating (60% last week, 71% last year).  Spring wheat condition ratings continue to plummet, with only 20% of the crop in the good/excellent category, a 7% decline from last week.  While the really good rains have been spotty, it appears the crop situation in North Dakota may be improving.  The trade estimate of 2.6 million acres increase in corn from the March to June reports would be a record, if realized.  The total of increase of 4 million acres added between both corn and soybeans from the March to June reports would also be a record.  Keep calling in those rain reports from the past few days.  We appreciate every opportunity we get to chat with our customers and growers.   Reminder: Murdock will be unable to receive grain for the remainder of the week starting at 3pm tomorrow, June 30.  Murdock will resume normal receiving hours on Tuesday, July 6.

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Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off. 
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.
May 12, 2025
News broke Sunday that the USA and China have agreed to ease tensions and lower tariffs.  The US is lowering tariffs on Chinese goods from 145% to 30%.  China is lowering their import tariffs from 125% to 10%.  Talks will resume in the coming weeks.  This news had stocks, grains and oil higher overnight. Then of course we had a USDA grain report come out at 11:00 this morning.  That was also a bit friendly.