Grain > Commentary > 8-24-2023

8/24/2023

Aug 24, 2023

Corn was stuck in lower trade with weaker spreads for most of the session before finding just enough life at the end of the day for a mixed finish with the Sept 23 through Jul 24 contracts closing in the red.  Soybeans continued on their bounce, picking up 6-10 cents on the day.  Soybean sales near the old gap on the chart is once again the short-term target.  Oats traded double-digits higher, closing with gains of 19-10 cents on the front months.  There may be something there to help corn bounce and ease the pain of anyone who has old crop left unpriced.  There were no USDA 8 a.m. announcements this morning.  Weekly export sales were strong for old crop soybeans with 364.9k tonnes, almost doubling the top analyst estimate.  Old crop corn had net-cancellations of 22.7k tonnes.  New crop sales were on the higher end of expectations with 673.5k tonnes of corn and 1.218 mln tonnes of soybeans sold.  We will do a full breakdown of the ProFarmer crop tour tomorrow.

Read More News

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. 
8/12/2025
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.
5/12/2025
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.