Grain > Commentary > 7-11-2023

7/11/2023

Jul 11, 2023

7/11/2023
Trade on Tuesday was rinse-and-repeat from Monday; corn steady from 1-2 higher and soybeans making a double-digit jump higher as we wait on some fresh fundamentals from the USDA tomorrow.  U.S. crop conditions improved better than what was expected for corn, coming in at 55% good/excellent (53% trade, 51% week ago, 64% year ago).  The soybean crop also improved to 51% good/excellent (52% trade, 50% week ago, 62% year ago).  A majority of the grain belt saw their g/e ratings increase, most notable was the state of Nebraska which saw a 13-point improvement in corn and a 12-point improvement in soybeans.  Reminder: tomorrow's report will use the new acres numbers from the June quarterly report.  Trade is expecting the USDA to lower corn and soybean yields.  The July edition of the WASDE is typically one that is a bit of a snooze fest but there's always the potential for a surprise when the USDA is involved.

 

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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
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.