5/24/2022

May 24, 2022


5/24/2022
Corn and soybeans tried to trade higher overnight despite better-than-expected planting progress in the week's report but succumbed to the weakness in wheat. Corn was seen at 72% planted (68% trade, 79% avg) and soybeans at 50% (49% trade, 55% avg). Illinois, Indiana, Iowa are at or within 4 points of their 5-year average for corn planting pace with only Minnesota and North Dakota lagging severely. Illinois and Iowa are ahead of their 5-year averages for soybean planting and Illinois is within 3 points. Again, Minnesota and North Dakota are the outliers in planting pace here. At 49% complete, spring wheat seeding is the slowest on record back to 1981 but reports indicate that farmers are continuing to sow (83% avg). Steep board prices are likely the motivation. The corn market reeled today after being dealt a triple blow of a big bump in planting progress, the White House considering blending waivers, and Brazil finally getting an agreement to sell corn to China. Soybeans remain well supported. It is estimated that China has only 40% of its July/August soybean needs covered so more purchases for delivery in the current market year are expected.

Nice recoveries off of the lows today in grains.
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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...