7/2/2024

Jul 02, 2024


Corn and soybeans popped higher to begin overnight trade and were steady going into the morning break. 5-6 cent higher trade in corn and as much as 15 cent higher trade and soybeans was viewed just after 8:30 but the market immediately began slipping back from there. We closed with the front end higher out to March and May of 25 with the further deferred months ending red on the day. This is the first higher close higher in corn since June 18 and soybeans have traded 25-30 cents above their report-day lows. The USDA announced an old crop corn sale this morning for 100,000 tonnes of corn for delivery to Colombia. Weekly crop conditions showed the good/excellent rating in corn dropping 2 points, trade had expected a 1-point drop. Soybean conditions were unchanged from last week, remaining at 67% good/excellent. Ratings are now within 1 point of last year at this time.

Corn has found some willing buyers at the lows and we have also had a pattern of higher lows during the past 3 sessions. If we get a correction from this oversold territory, anything near $4 cash needs to be sold hard.

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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. 
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.
May 12, 2025
News broke Sunday that the USA and China have agreed to ease tensions and lower tariffs.  The US is lowering tariffs on Chinese goods from 145% to 30%.  China is lowering their import tariffs from 125% to 10%.  Talks will resume in the coming weeks.  This news had stocks, grains and oil higher overnight. Then of course we had a USDA grain report come out at 11:00 this morning.  That was also a bit friendly.