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.

 

Read More News

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. 
8/15/2025
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.