4/22/2022

Apr 22, 2022


4/22/2022
It appeared that we would finish our week on a strong tone with corn trading 9 higher and soybeans 15 higher towards the end of the overnight session.  During the morning break, we received news that Indonesia would halt all palm oil exports which sent soy oil to trade new all-time highs.  The USDA also made some sale announcements this morning: 1,347,000 tonnes of corn to China (735k mt in 2021/22, 612k mt in 2022/23), 281,000 tonnes of corn to Mexico (90.2k mt in 2021/22, 190.8k mt in 2022/23) and 144,000 tonnes of soybeans to Mexico (48k mt in 2021/22, 96k mt in 2022/23).  That’s roughly 64 million total bushels of corn and 5.3 million bushels of soybeans.  Trade had a different idea on what looked to be a well-supported day and immediately sold off on the 8:30am open, citing a window of weather next week that would encourage field work across a wide area of the U.S. and big precipitation possible in the Brazil forecast.  Along with being well overdue for a correction, options for May contracts expired today which likely helped influence today's move.  We are still well above major price support levels so if trade continues to ease back next week, it does not necessarily mean a change in trend.  July corn trading down to the 740-750 range would be healthy.  Soybeans looked poised to challenge current contract highs but have shied away quickly.

A large reversal in soybeans to end our week.
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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.
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.  
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...