Grain > Commentary > 6-6-2022

6/6/2022

Jun 06, 2022

6/6/2022
Trade was all about headlines today.  Corn picked up double-digits out to July 2023 and soybeans finished 1-7 higher after a day of mixed trade.  Wheat was sharply higher from the start last night, carrying corn and soybeans with it during the overnight session after it was reported that Russia had executed a targeted strike on a major Ukrainian grain export terminal.  Soybeans had cooled off by sunrise but corn continued to trade strong through the day.  Weekly export inspections were on the high end of estimates for corn at 1.435 million tonnes inspected last week.  Soybeans were a miss at 350k tonnes inspected compared to the 400-600k tonne range of estimates.  The current corn shipment pace exceeds the pace necessary to meet the USDA target by 98 million bushels, compared to 99 million bushels last week.  Soybean shipments to date fall short of the pace needed to meet the USDA target by 27 million bushels versus 26 million bushels last week.  The USDA is expected to release the first condition ratings for corn this afternoon alongside the planting progress.  Trade averaged a 68% good/excellent rating on corn and 93% planting completed.  Soybeans are expected to be 80% planted.  Current weather forecasts are extremely favorable to help planting and crop development and will likely keep some pressure on the markets now.
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11/14/2025
Nov 14, 2025
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9/12/2025
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. 
8/21/2025
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.