Grain > Commentary > 10-11-2021

10/11/2021

Oct 11, 2021

10/11/2021
The overnight session offered little for excitement to start our week.  Today's trade was all about positioning ahead of tomorrow's WASDE report.  Weakness in soybeans as the carry-in will get larger and it feels like the size of the US crop, whether it’s in yield or acres, could also get larger.  Soybeans finished last week on a weak note and selling followed through today.  The November contract finished the day well below the 1240'0 support level, we could see a test of the 1200'0 and 1184'0 support levels in the near future.  A couple cents better in corn today with money positioning on the long side ahead of tomorrow's report.  Corn carry-in will get larger tomorrow but the question will be 2021 corn production and if the USDA changes it.  Federal offices were closed for holiday today so we will get our USDA harvest progress report, export flash sales (if any), and a glut of other information to trade tomorrow.

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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.
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...