7/1/2021

Jul 01, 2021


7/1/2021
Corn and soybean trade was as volatile as ever all through the overnight and day sessions, with new crop corn trading 5 higher and new crop beans 25 lower at around 8pm last night.  We saw around a 30 cent range on corn trade and cash beans were anywhere from 25 lower to 25 higher today, only to finish fractionally lower.  The USDA stunned trade yesterday with acres numbers.  Most were not surprised to soybean acres unchanged since there was virtually no evidence telling us they had really increased.  The general consensus amongst the analysts is that there is still a large chunk of corn acres (1-2 million) still out there that were not reflected in yesterday's report.  Even with the huge underlying support of hot and dry weather ahead for a western cornbelt thats already thirsty, it seems strange to me that we found adding approximately 200 million bushels of corn to next year's ending stocks bullish.  Weather, and weather alone, is what will keep this market towards the upper end of its historic ranges.   Weekly export sales were minimal this week for old crop and may have helped put a stop to any run the bulls were going to make today.  Old crop corn sales at 15k tonnes, old crop beans at 93k tonnes, and new crop bean sales at 1.67 million tonnes were all as expected.  There was only 68k tonnes of new crop corn sales last week, well below the bottom estimate of 150k tonnes.  Tomorrow will likely be quiet heading into an extended trade weekend.

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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.