Grain > Commentary > 2-23-2022

2/23/2022

Feb 23, 2022

2/23/2022
Wednesday brought us another incredible day in the markets. Overnight trade was subtle in comparison to the day session. All classes of wheat posted double digit gains on the day with Kansas City wheat leading the way, trading at levels not seen since 2012 and has real potential to trade at, and above, the $10.00 level for the first time since 2008. We really didn't have any new headlines or news to trade today as the market continues to beat the South American weather and Ukraine/Russia conflict drums. The USDA made a sale announcement this morning of 132,000 tonnes of soybeans to China for 2022/23. This market has been on replay since the beginning of the year and there's not much to say about it at this point besides enjoy the ride. Work slow with your new crop sales. With this type of volatility, corn price targets spread apart by 35-50 cents and soybean sales targets staggered by 75 cents or more are not out of the question.

Soybeans took out last year’s high of 1667’2 today, we are now trading at price levels not seen since 2012. The market is currently expressing almost no signs of weakness. If we can manufacture a weekly close above last year’s high, it definitely opens to the door to possibly new all-time highs this year.
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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
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