Grain > Commentary > 2-10-2023

2/10/2023

Feb 10, 2023

2/10/2023
Grains had a nice rally today following several key headlines.  Weather outlooks in South America that lowered next week’s rainfall expectations. Coverage is only expected to be 50% as well. News that Russia claims it will cut oil production by 500,000 barrels per day was also supportive. Heightened fighting between Russia and Ukraine was also positive for futures, mainly wheat.  The grain markets seemed to follow wheat higher right out of the 8:30 open.  We have heard these stories many times this year, so I will waive the caution flag to be careful.  We are approaching the upper level of the trading range, so it would not hurt to reward the market a little.  If you don't want to sell here maybe put some orders in for Sunday night. 6.70 cash corn and 15.00 cash beans remain a good target.  Have a good Super Bowl Weekend!!   

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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.
2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT. 
1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.