Grain > Commentary > 3-16-2021

3/16/2021

Mar 16, 2021

3/16/2021
Overnight, corn traded 4-5 cent range and was mostly higher and soybeans were mixed while trade shrugged off the low NOPA crush numbers from yesterday.  After a very supportive export sales report yesterday, the USDA announced a flash sale this morning of 1.156 million tonnes of corn sold to China for the 2020/2021 marketing year.  That's 45.5 million bushels and the first sale involving China that we've seen in 6 weeks.  Recently, there's been rising concern over China's actual feedstuff demand stemming from news on new outbreaks of African Swine Fever, today's flash sale should ease some of those concerns.  China continues to sell grain out of its state reserves, selling 2.26 mln tonnes of wheat at the average price of about $9.98 USD/bu last week.  I'll be the first to admit that seeing a large sale to China had me expecting corn to test its nearest spot of resistance on the chart at 559'2.  Price action was very choppy today with early gains given up to weaker trade, only to meet the money on the buying side and take us to a firmly higher finish over the final 2 hours of trade.  The May corn contract has added 21 cents on 4 consecutive higher closes, sending us up sharply to the top end of our established trading range.

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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...