Grain > Commentary > 5-16-2022

5/16/2022

May 16, 2022

5/16/2022
Riding the coattails of limit higher trade in wheat, corn and soybeans posted large gains to start our week.  After gapping higher on the open, corn finished the day 9-28 higher and soybeans 2-13 higher.  Weekly export inspections for corn were on the lower side of the trade range at 1.037 million tonnes inspected and soybeans on the upper end of their range at 784k tonnes inspected.  Corn export shipments exceed the pace needed to meet the USDA target by 57 million bushels, soybean shipments fall short by 35 million bushels but improved from a 48-million-bushel deficit the previous week.  Trade will be anxious to see where the USDA puts corn planting percentage at in this afternoon's weekly progress report.  Estimates range from 43-58% with an average of 49%.  This would be a nice bump from last week's 22% and get us back within spitting distance of the 5-year average, which is 67% for this week.  Estimates for soybean planting progress this week average 29% with a range of 25-36%.  This would also be a nice increase from last week's progress report and keep us easily within reach of the 39% 5-year average.  A lot of wheels turning in our territory today, let's hope the rain in the forecast stays away.

Crude Oil/Corn comparison
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9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report.