7/15/2022

Jul 15, 2022


7/15/2022
Corn and soybeans traded higher overnight and bounced around on either side of unchanged through the day session, eventually finishing mixed with 1-2 cent net changes on the day.  It was a strange day for reports and news as it appeared the NOPA crush figures for June were leaked before 8 a.m.  Bushels crushed was reported at 164.677 mln bu, slightly above the trade guess of 164.484 mln bu.  Soyoil stocks came in at 1.767 bln lbs, above the trade guess of 1.704 bln lbs.  The USDA confirmed the sale of 133,000 tonnes of corn to China for delivery in the 2022/23 marketing year.  This was the first export sale announcement since June 17 but the USDA later retracted this sale "based on updated information received form the exporter."  One of the big red flags has been the lack of fresh corn demand given the nearly $1.50/bu price break over the past 4 weeks.  Buyers are more than willing to watch values erode right now but prices have begun stabilizing alongside crude oil. 

The Sep 22:Dec 22 corn spread is trading near even money for the first time since fall. The spread weakened following Tuesday’s WASDE report which showed bigger corn ending stocks for 2021/22.
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Read More News

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.  
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