Grain > Commentary > 4-26-2021

4/26/2021

Apr 26, 2021

4/26/2021
Trade was strongly higher from the start Sunday night, with May, July, and December corn contracts gapping higher on the open.  November beans also gapped higher to open last night's session.  The front months for corn traded limit-up almost immediately after the 8:30 open this morning, then eased off only to be locked limit again later in the session.  Fundamentals remain mostly unchanged with the big driver behind today's huge market moves being mostly fund and spec money buying in huge.  The weekly export inspections added some fuel to the fire with corn inspections coming in at 1.951 mln tonnes, 250k tonnes above the top estimate.  Soybean inspections were reported at 234k tonnes and wheat inspections were 564k tonnes, both at the high end of expectations.  There was also a USDA flash sale this morning of 120k tonnes (4.4 mln bu.) of new crop soybeans to unknown.  This week's USDA crop progress report is expected show sizable increases in corn and bean plantings after improvement in weather.  7-Day weather outlook looks favorable for field work and planting pace is sure to pick up and put us ahead of average a week from now. 

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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...