Grain > Commentary > 12-29-2023

12/29/2023

Dec 29, 2023

Extremely light trade throughout the day. With nothing to really move the market, today's price action was about month-end/quarter-end/year-end positioning. Most market spaces were lower today, including stocks and most other commodities. Soybeans were buoyed in lower trade, finishing 11-14 cents lower, while corn bounced around on either side of unchanged for most of the day and remained within a 5 cent total range. Corn Weekly export sales were on the high end of expectations for corn with 1.242 mln tonnes sold last week. Soybean sales were on the low side at 984k tonnes. The markets will now be closed until Tuesday. Glacial Plains will also be closed on Monday, January 1, 2024. We would like to take a moment to thank you all for a wonderful year in 2023 and we look forward to working with you again in 2024.

2023 corn futures trade

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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...