9/26/2022

Sep 26, 2022


9/26/2022
Trade was a rinse and repeat from Friday. Once again, the dollar index extended its rally in sharply higher trade, sending commodities and equities into defense mode as a result. Adding to the down pressure in grains was a very lack-luster weekly export inspections report. Corn and soybeans both missed their targets to the low side with 459k tonnes of corn and 258k tonnes of soybeans shipped last week. We are still in the first month of the new marketing year but the strength of the dollar is definitely having a negative effect on export demand. To include a positive twist in this wildly bearish trade, crude oil has nearly given up all gains made in 2022, trading about $1/bbl above the opening price on January 3rd. We still have the big dark cloud over the market of possible global economic recession and it seems to becoming more of a "when" not "if" type of subject. U.S. grains are still at a premium to South American corn and soybeans on a FOB basis, the current difference is roughly $1/bushel for both. So far, the early harvest soybean yields around the country have been "better than expected." We expect there to be a significant amount of soybean harvest activity in our immediate area towards the end of the week. Scale hours may vary by location so please be in touch with your specific Glacial Plains location for updated hours.

The December corn chart is giving the look of wanting to roll-over to the downside.
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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. 
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.
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.