Grain > Commentary > 1-5-2024

1/5/2024

Jan 05, 2024

Corn and soybeans turn in a poor performance to end the first trading week of 2024.  The charts are unattractive and soybeans are extremely oversold from a technical standpoint but there's something to be said about catching a falling knife.  The weekly export sales report appeared to give trade their excuse to continue lower.  Corn and soybean sales were both missed short of their expected ranges but I'm not sure how surprised we should really be about a poor export sales performance on a short week that is stuffed between two major holidays.  Corn sales totaled 367.5k tonnes and soybean sales came in a 201.6k tonnes.  Corn and soybeans were both well into new lows today while oats and the balance of the soy complex also traded extremely weak.  The lone bright spot were some modest gains across the wheat.  At this point, our best chance to put together a sustained rally is for a problem to develop somewhere around the globe that poses a threat to grains.

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7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.