10/13/2023

Oct 13, 2023


Profit taking to end the week was featured on Friday following Thursday's huge rally in soybeans after the USDA printed some market friendly numbers in the October WASDE. Corn traded 2-3 cents higher and soybean trade was in 8-10 cent higher range overnight but sellers took over after the morning break. The USDA confirmed three U.S. export sales this morning for delivery in 2023/24: 181,000 tonnes of wheat to China; 117,300 tonnes of soybeans to unknown; 100,000 tonnes of soymeal to unknown. The weekly export sales report exceeded trade expectations with 652k tonnes of wheat, 910k tonnes of corn, and 1.057 mln tonnes of soybeans sold last week. Marketing year-to-date sales for corn are short of the pace needed to hit the USDA target by 47 million bushels, unchanged from last week. Marketing year-to-date sales for soybeans are short of the pace needed to hit the USDA target by 150 million bushels compared to 141 million bushels short last week.

Some nice pushes higher following yesterday’s report but no breakouts to the upside in either corn or soybeans. The 5 handle has turned into a point of stiff resistance in December corn where we have traded a fairly tight 25 cent range over the past two months. The November bean chart set up with two points of resistance converging with the 1300 handle meeting the trendline off of our August high almost perfectly.

Read More News

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.
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.  
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...