6/29/2023

Jun 29, 2023


6/29/2023
Corn and soybeans were higher throughout the overnight session but trade immediately flipped to lower/mixed as we neared the morning break.  There was an attempt around the midday point at higher trade but corn was unable to hold.  Corn bounced around for the remainder of the day from 5-9 cents lower.  Two-sided traded was the feature in soybeans for most of Thursday before finally finding solid footing higher out to the Nov 23 contract.  Weekly net export sales were modest all around.  For old crop: the 140k tonnes of corn and 227k tonnes of soybeans were on the low end of expectations.  New crop corn sales came in at 124k tonnes and new crop bean sales totaled 17k tonnes.  Sales pace deficits also grew with corn now 128 million bushels behind and soybeans 84 million bushels behind their USDA export targets.  Tomorrow is our quarterly stocks and acres reports.  Trade is expecting corn and soybean stocks to be below 2022 levels.  Analysts also expect a small drop in corn plantings and a small increase in soybean plantings.  For those with Dec HTAs, the Dec:Mar spread has worked itself back out to around a 10 cent carry.  Not a bad place to start if you're planning on storing corn.

drought-monitor.png

Read More News

Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
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.