Grain > Commentary > 7-10-2023

7/10/2023

Jul 10, 2023

7/10/2023
Corn was steady in the 4-5 cent higher range and soybeans trended higher throughout the session finishing with gains of 18-27 cents on Monday.  Corn has been mostly sideways throughout the past 5 days while soybeans have traded around a 75-cent range.  Weekly export inspections were poor for corn with 341k tonnes shipped last week.  Soybeans were landed mid-range of expectations at 238k tonnes.  Corn shipments are now 78 million bushels behind the pace needed to hit the USDA export target, up from 60 million bushels last week.  Soybean export shipment pace is now 23 million bushels ahead of the USDA target, down from 28 million bushels last week.  For the WASDE report on Wednesday, analysts’ average estimates show trade expecting the USDA to cut corn yield by about 5 bu/ac and soybean yield by 0.6 bu/ac.  They also have the 2022/23 corn ending stocks decreasing by 30 million bushels which seems out of line considering how sluggish demand has been for the past 6 months.  USDA will need to sharpen their demand numbers for corn exports and ethanol before the end of the marketing year.

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3/31/2025
Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
3/11/2025
Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
8/30/2024
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...