Grain > Commentary > 6-16-2023

6/16/2023

Jun 16, 2023

Another big day on the board with funds and spec money following through with more buying and risk-on going into the extended weekend.  The markets will remain closed until Monday night so make sure your seatbelt is pulled tight for Tuesday.  Today's story was much of the same: weather forecasts continue to be bias towards dry, arid weather but around mid-day Friday we did see a shift in the models that favored some milder temps and more moisture.  It really feels like the next 3 days will be very important in determining the direction of our markets.  Next week we will likely see September corn, August soybeans, and November soybeans test resistance at their 200-day moving averages.  December corn is also in position to test resistance at the very important $6.00 level.  This market is so weather dependent right now that any change in the weather forecasts will be felt!

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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...