Grain > Commentary > 6-17-2024

6/17/2024

Jun 17, 2024

Down hard across the grain complex to begin the week.  Corn finished 6-7 cents lower and soybeans closed 16-22 cents lower.  It's no secret that there is a variety of little things not perfect with the corn crop.  The question is can all of those little things come together and spark a rally while demand is poor?  Our acres number at the end of the month just became that much more important after a failed rally.  The overall outlook for soybeans remains poor.  Export demand is nill and too many acres put into production in South America.  Export inspections came in above the average expectations for corn and soybeans to keep things moving.  NOPA crush for May was a record for the month with 183.625 million bushels crushed.  Well above the 178.4 mln bu. estimate.  Oil stocks came in a 1.724 billion pounds versus the estimate of 1.775 bln lbs.

The markets will be closed on Wednesday for Juneteenth but Glacial Plains will be open.  No grain will be purchased on Wednesday.

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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
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8/30/2024
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