Grain > Commentary > 6-23-2021

6/23/2021

Jun 23, 2021

6/23/2021
A much more reserved trading range compared to what we have seen over the past month with 15-20 cent ranges in corn and soybeans and both finishing mixed on the day.  Late yesterday there were rumors of China being back in the market for new crop soybeans and those rumors were confirmed true this morning with the USDA's 8am announcement of 330,000 tonnes (12.1 mln bushels) of soybeans to China for the 2021/22 marketing year.  Talk was swirling again today that China was buying more new crop beans and this means exporters are selling beans on the PNW market that may not be there (the Dakotas and Minnesota) given our current conditions.  Weekly ethanol numbers were larger, with output up 23,000 barrels per day to 1.05 mln bpd.  Ethanol stocks also increased to 21.12 mln barrels, up 518k barrels from last week.  Weather forecasts showing more rains for eastern Iowa and parts of Illinois over the new few days, along with the presumption of additional corn acres on the June 30th planting report, will likely keep our market in check for now.

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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...