Grain > Commentary > 8-6-2024

8/6/2024

Aug 06, 2024

Turnaround Tuesday was nearly in full swing today. The stock market and indices saw springboard-like action and were strongly higher at the opening bell. Values continued to improve throughout the day and the DOW had nearly erased Monday's losses by 1:30 today. There was not much of a buzz in the grain sector with corn and soybeans giving back yesterday's gains. There continues to be a lack of threat to the U.S. crops. Moisture levels are ample across major production areas, demand is routine/slow, and the market is content with just watching the corn and soybean crops progress towards maturing while small grain harvests speed up. The weekly crop conditions report seems almost routine at this stage of 2024. Corn was down 1 point to 67% good/excellent and soybeans improved 1 point to 68% good/excellent.

7-day rainfall totals

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9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report.