Grain > Commentary > 12-29-2022

12/29/2022

Dec 29, 2022

12/29/2022
Wheat was sharply lower, keeping corn and soybeans in check today. Corn spent the session in lower trade and soybeans finished 1-3 cents better after trading 7-10 higher overnight. We now have one trading day remaining in 2022 and tomorrow could very well be unexciting with most in the market probably taking an early weekend. Grains have put together a nice rally over the last week and a half but we are now pushed up against some long-term resistance areas and some drifting lower is expected to start the new calendar year ahead of our final 2022/23 production numbers from the USDA on January 12. This rally has also caused cash basis to slip by 10-15 cents in corn and soybeans, further confirmation that this move in the market is about money positioning and technicals. The weekly ethanol report was a little more negative than anticipated. Production fell by 66,000 barrels/day to 963,000 bpd and stocks increased by 569,000 barrels to 24.64 million barrels. The markets will trade a full day tomorrow and then will remain closed until 8:30 am on January 3rd. Glacial Plains will be closed on January 2nd for New Year's.

outlook.png

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...