Grain > Commentary > 5-10-2023

5/10/2023

May 10, 2023

After a largely negative day on Tuesday, corn rebounded with the July contract trading up to 12 cents higher and ending the day up 9.  Yesterday's downward spiral was fueled by another China cancellation and some very good planting pace numbers from the USDA.  This cancellation was for 272,000 tonnes, or about 10.7 million bushels, but corn found footing today as it was rumored China was putting back on some of these cancelled sales.  It appears the bulk of the corn crop will be planted and in the rearview mirror by the end of the week with some already switching to soybeans.  Weekly ethanol data showed a fall in production of 11,000 barrels/day to 965,000 bpd.  Stocks dropped 72,000 barrels to 23.29 million bbls.  Corn use for ethanol is at an estimated total 3.467 billion bushels, down 173 million bushels from this time last year.  The ethanol grind is also behind the pace needed to meet the USDA demand number by 32 million bushels.
 

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...