Grain > Commentary > 3-15-2024

3/15/2024

Mar 15, 2024

It looked like it was going to be an uneventful session to the end the week.  Corn was hanging around 1 higher and soybeans recovered off of their lows and were trading steady down 1-2 cents.  A buying surge in the last 20 minutes pushed corn and soybeans to go into the weekend 2-3 cents higher.  It was just enough to get May corn back above its 10-day moving average and May soybeans will start next week looking to make a push through $12.  The USDA made a corn sale announcement for the second day in a row.  Today's sale was for 125,000 tonnes for delivery to unknown during the 2023/24 marketing year.  We also had the NOPA Crush report for February.  The total of 186.194 mln bushels crushed was a record for the month of February and up 12.6% from February 2023.  This was well above the average trade guess of 178.06 mln bu.  Soyoil stocks were reported at 1.69 bln lbs, down 6.6% from a year ago but above the trade guess of 1.591 bln.

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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...