Grain > Commentary > 1-4-2024

1/4/2024

Jan 04, 2024

The slow grind of the market continued on Thursday with soybeans giving back 4-9 cents but corn found some interest, ending the session slightly higher out to the December 24 contract. March corn spreads were firmer again, today, as well. Trade is still waiting for a story to develop for U.S. corn and soybean demand appears to be satisfied. Wheat rallied today on rumors of more China business. Funds and spec money is content to stay net short until we get something to spark this market higher. News continues to be entirely routine and slow and the market doesn't look like it will do much ahead of next week's report. Weekly ethanol data showed production down 58,000 barrels/day to 1.049 million barrels. Stocks were increased by 100,000 barrels to 23.6 mln bbls.

Corn continues to consolidate sideways/lower towards a potential breakout on report day.

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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.
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