Grain > Commentary > 7-14-2023

7/14/2023

Jul 14, 2023

7/14/2023
Corn goes into the weekend with a firm 13 cent higher finish on Friday.  Soybeans worked a 30-cent range throughout the session and provided plenty of opportunity on both sides of unchanged before settling 1-9 higher.  Trade was not afraid to buy going into the weekend despite weather forecasts adding precipitation into next week.  A quick look at the corn charts shows that we have a nice setup and some room for a decent rally if these rains don't materialize.  Soybeans also have potential to break out higher with the charts forming a potential bull pennant going back to the May low.  It will be important to take notes on how November soybeans want to act inside of the 1390-1400 area if we are able to get back to those price levels.  Catching up on sales when hovering near 1400 futures isn't a terrible idea.  New crop corn in the $5.00-5.10 range is a realistic target, as well.

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11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected. 
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.