Grain > Commentary > 4-11-2023

4/11/2023

Apr 11, 2023

The USDA left the corn and soybean balance sheets unchanged in the April WASDE report.  It was slightly bearish in a sense that trade had been expecting cuts to this year's ending stocks.  Corn was trading unchanged prior to the report and the July contract was down as much as 7 cents as an immediate reaction at 11 a.m.  Soybeans were trading around 10 cents higher before the report, were sold off to trade around 2 cents higher but managed to pick up some momentum late in the session and end the day with 4 to 10 cent gains.  Our market will now be driven by weather and planting progress reports over the next month leading up to the May WASDE report.  We still like the $6.50 cash price level on corn and we are still optimistic about potential $14.75-15.00 soybeans.

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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
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