Grain > Commentary > 3-7-2023

3/7/2023

Mar 07, 2023

3/7/2023
After ending last week on a high note, corn and soybeans drifted lower for the second consecutive session.  Corn stayed within 3 cents of either side of unchanged, finishing 1-3 lower.  Already trading lower on the day, soybeans tried to muster up some support at the 20-day moving average but broke below that level just after 11 a.m. this morning.  The USDA did not have any follow-up export sale confirmations this morning after a couple nice corn announcements yesterday.  We will get a fresh set of fundamentals for the market to chew on tomorrow at 11 a.m. with March WASDE report.  Pre-report estimates show trade is expecting a 41-million-bushel increase to corn ending stocks to 1.307 bln bushels and a small cut in soybean stocks to 220 mln bushels.  South American production is expected to drop for Argentina and remain steady for Brazil.  After our report is priced in, the market will be back to trading South American weather and will begin discussing the quarterly grains stocks and prospective plantings reports due out at the end 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...