Grain > Commentary > 9-22-2021

9/22/2021

Sep 22, 2021

9/22/2021
After a poor start to the week, the grain sector spent close to the entirety of both sessions trading higher.  Of all things, today's firm move higher across the corn, soybean, and wheat trades was supported by oats locked limit higher on small volume approximately 90 minutes into the session last night.  Around mid-day, corn and soybeans did trade back near unchanged when Reuters announced the EPA was proposing large cuts to biofuel blending requirements.  Prices recovered after trade realized the EPA already made a similar announcement earlier this year.  Daily export sales announcements have been quiet this week as harvest continues to ramp up in the US and with more crop continuously harvested, more crop continues to be hauled in.  Today, soybean basis showed its first shimmer of weakness in a number of weeks.  Weekly ethanol output continues to slide, off another 11,000 bpd to 926,000 bpd.  Ethanol stocks increased 101,000 barrels to 20.11 million barrels.  As of today, September 22, Glacial Plains will be extending its grain receiving hours to accommodate harvest.  Contact your local grain team representative to confirm hours.  Wishing everyone a safe and bountiful harvest.

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11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected. 
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.