Grain > Commentary > 9-10-2021

9/10/2021

Sep 10, 2021

9/10/2021
Slightly higher trade for corn and soybeans overnight inside of a relatively small range leading up to the 11:00am report time.  The USDA made an 8am sale announcement of 132,000 tonnes of soybeans to China for 2021/22 this morning.  Overall, the WASDE report was a little more unfriendly than trade expectations but, after trending lower for 3 weeks, the market had already priced in report negativity, and then some.  Weekly closes in Murdock: cash corn down 24, new crop corn 7 lower, cash and new crop beans both down 4 cents on the week.

WASDE Summary
Corn: A small increase to old crop ending stocks, more acres, more yield, USDA used to some magic to offset added production with some increased exports and feed & residual numbers.  2021/22 Ending stocks still increased by 166 million bushels (an additional 700,000 acres added in is possible, yet).

Soybeans: An interesting combination of changes, a few less acres but added yield for a net increase in production.  Small net change in total use.  I’m skeptical on the national soybean yield above 50.  The volume of soybean acres in the Dakotas has the potential to drag that number down.

china-bean-map-(1).jpgchina-hog-farm-(2).jpg

Read More News

9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
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.