Grain > Commentary > 6-9-2023

6/9/2023

Jun 09, 2023

The monthly WASDE report came and went with no surprises for corn or soybeans and the market reacted appropriately with no reaction at all.  The only changes were small cuts to corn and soybean exports which trickled down to small increases in stocks.  Probably the most noticeable line items are the 2023/24 yields being left unchanged.  Corn was down 9 prior to 11 a.m. and steadily trekked back towards unchanged after the report release.  Soybeans legged higher on the charts with gains of 14-23 cents. The USDA lowered crop production estimates in Argentina but also adjusted Brazil numbers to make up for it.

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9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
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.