Grain > Commentary > 5-1-2023

5/1/2023

May 01, 2023

Monday was a lack-luster day for the corn trade.  After drifting either side of unchanged overnight, corn was stuck in steady 1-2 lower trade through most of the session.  Not surprising considering we are entering the heart of planting season and weather forecasts look very ideal for putting crop in the ground.  Barring a surprise, any rallies will likely be short lived over the next couple weeks.  Going against the grain today was soybean trade which ended the day 8-15 cents higher in steady fashion.  The bounce in beans is partially corrective after a sharp fall-off on the board last week and seasonal trends are mostly at play.  Weekly export inspections for corn came in above expectations at 1.518 mln tonnes, a marketing year high but average for this week compared to past years.  Soybean inspections were mid-range at 400k tonnes.  Shipment pace for corn is now 165 million bushels behind the USDA target, improving from the 183-million-bushel deficit last week.  Soybean export pace continues to hold steady ahead of the USDA pace.  We are currently 64 million bushels ahead of the USDA target, up 2 million bushels from last week.

outlook.png

Read More News

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...