Grain > Commentary > 2-16-2021

2/16/2021

Feb 16, 2021

2/16/2021
Overnight markets gapped higher and traded up double digits rather quickly.  The cold weather was likely the biggest factor as the winter wheat crop likely had some damage.  The problem with that is we won't know the extent of that damage for quite some time yet.  The cold weather has also slowed farmer movement, which is a big deal in the eastern river market.  River conditions are poor due to ice.  Railroad performance is poor due to power issues in the cold.  None of which is good for an export market that is hungry for corn.  Corn is already inverted and this won't help matters any.  Other news today was rather quiet.  It felt like we got another round of corn business done off the PNW last Friday, but nothing got reported this morning.  Export inspections were out this morning, corn and wheat were good, beans were not.  The shift from beans to corn in the export market continues and that only intensifies as we go into March.  Soybean crush was 184.65 million bushels vs. 183.1 million estimate.  That was a record for the month and the 3rd biggest for any month.
 

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3/31/2025
Mar 31, 2025
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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...