Grain > Commentary > 3-13-2023

3/13/2023

Mar 13, 2023

3/13/2023
Russia is not against an extension to the Black Sea grain deal but only for 60 days. The current deal that allows agricultural products to be exported from Ukraine's southern Black Sea ports is set to expire on March 18. Russia signaled it will be only agree to the deal if restrictions on its own exports are lifted.  The Weekly Grain Export Inspections report this morning showed 39.3 million bushels of corn inspected for export during the week ending March 9. This is slightly better than 36.9 million bushels shown last week.  Soybean export inspections totaled 22.7 million bushels compared to 20.2 million bushels the prior week. Corn futures tried to trade higher this morning, but was met with fresh selling interest. Corn futures have now fallen to their lowest level since harvest and removed nearly all risk premium. The corn complex is technically oversold but the path of least resistance in lower.  The gap at 5.95 May futures I believe is still the target on this move.  Beans feel like they want to test the 14.77 May futures lows from the 1st of the month.  

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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...