Grain > Commentary > 8-30-2022

8/30/2022

Aug 30, 2022

8/30/2022
An overall ugly day across the board today.  The only positive note is that corn and beans both finished well off their lows.  The Dow is down another 400 points as I am writing this, making the last 3 days losses now over 1,500 points.  Crude oil erased yesterday's big gains and then some down over $5 today.  It feels like we are in risk off mode ahead of the 3 day holiday weekend.  Weekly crop ratings for corn dropped 1 point to 54% G/E and soybeans were unchanged at 57% G/E.  Dr. Cordonnier lowered his corn yield prediction by 3 bushel to 170 bpa and noted dry conditions in areas of the western Corn Belt to blame.  We did have a soybean export sale announcement of 264,000 metric ton to Unknown for 22/23 delivery this morning.  Corn spreads widened back out a touch today.  If you are looking to roll any Dec HTA's out to the March I would have orders working at 7 cents.  Our widest point thus far is only 8 cents and if the pro farmer yield is close we might not get back to that point.  I can't stress enough that this volatility is going to continue in these markets.  Just look at beans the last few days.  We are seeing 30-40 cent ranges daily on very little news.  While this also gives opportunity in the market it also adds a lot more risk.  Buckle in and make sales that make sense for your operation.  $6.50 corn and $14.00 beans new crop levels are not a mistake.  

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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...