Grain > Commentary > 7-21-2021

7/21/2021

Jul 21, 2021

7/21/2021
A quiet day in Chicago with corn trading a small 4 cent range after 9:30 this morning.  Soybean trade was also uneventful, working a 10 cent range from about 10:00am through the remainder of the day session.  Traders have been churning through the same headlines over the past week and there is a limit to what kind of weather premium we can currently squeeze out of the market.  It appeared managed money was gunning to fill the gap at 573’4 on the December corn chart at the 8:30 open this morning but they fell 1/2 cent short.  Ethanol numbers for the week showed output down 13,000 barrels/day to 1.03 million bpd and stocks increasing 1.38 mln bbls to 22.52 mln bbls.  After gaining about $1.50/bu over 7 consecutive higher closes, spring wheat became very vulnerable to profit taking and has been down hard the past 2 days.  September corn futures mark another day failing to hold ground above the 571 level.  Interestingly enough, the wildfire situation in Canada has damaged tracks and slowed down rail traffic with the number of railcars unloading at the Port of Vancouver down 77% from last year.

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3/31/2025
Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
3/11/2025
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.  
8/30/2024
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...