Grain > Commentary > 1-3-2024

1/3/2024

Jan 03, 2024

Corn and soybeans lightly spring-boarded back after a set of fresh lows overnight. Soybeans currently have the friendliest set-up on the charts with yesterday's large gap and the moving averages all well above the current trading levels. Corn does have some room in its current trading range to rebound but several points of resistance lie between today's close and what would make for a nice price rally. Soybeans end the day with gains of 1-4 cents and corn finished slightly mixed ranging from fractionally lower to one cent higher. The USDA has not made any 8 a.m. sale announcements for more than two weeks with our most recent sale confirmation coming back on December 19, 2023. Futures spreads over the past two days have been firming/tightening which included some interesting action off the March corn spreads during today's session. There were no rumors of export business today but someone appeared interested in buying the front-end of corn futures.

Read More News

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...