Grain > Commentary > 6-2-2022

6/2/2022

Jun 02, 2022

6/2/2022
Corn managed to mostly stop the bleeding today and traded inside the range of 9-12 cents.  Soybeans bounced back in a big way during the day session after the USDA announced the sale of 352,000 tonnes of soybeans for delivery to Pakistan with 55,000 tonnes delivered in 2021/22 and 297,000 tonnes delivered in 2022/23.  Soybeans are now back within 10-15 cents of Tuesday's highs, which they traded before turning extremely lower that day.  Much of this week's risk-off and liquidation was partially  spurred into motion by weather forecasts that appear encouraging for wrapping up planting season.  Weekly ethanol data showed output up 57,000 barrels/day to 1.07 mln bpd and stocks off 751,000 barrels down to 22.96 mln bbls.  One of the more interesting headlines as of late was the Ukrainian embassy in Beirut announcing that Russia had shipped an estimated 100,000 tonnes of stolen Ukrainian wheat to Syria.  Shortly after the midday point, Russia announced that it is ready to guarantee safety of vessels carrying grain from Ukraine but the market seemed unaffected and took it in stride.

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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...