Grain > Commentary > 3-17-2021

3/17/2021

Mar 17, 2021

3/17/2021
May corn traded firmly 1-2 higher overnight and through the day session.  This morning, the USDA announced another sale to China of 1.224 mln tonnes of corn, or 48.2 million bushels, for the 2020/2021 marketing year.  The inverse in the May and July corn futures has increased by roughly 5 cents this week, to 15, after two large corn sale announcements on consecutive days that total 93.7 million bushels.  Some analysts think these sales may be more of a goodwill gesture and cash hedge leading up to China's first face-to-face meeting with President Biden tomorrow.  Feels like we may have enough fresh bullish news to keep us in the top end of rangebound.  Soybeans continue to be pressured on some ASF concerns in China.  The large daily trading ranges in soybeans have narrowed this week from about 25 cents down to 13.  There hasn't been much to move the needle in terms of the soybean market recently but it seems as though conditions in South America have improved somewhat.  As a whole, Brazil is approximately 50% harvested and continues to increase their pace of harvest.  Argentina has received some rain but may not be enough to benefit the crop. 
 

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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...