Grain > Commentary > 6-23-2023

6/23/2023

Jun 23, 2023

6/23/2023
Major risk-off to end the week following some big changes in the weekend forecasts and extended weather models showing high probabilities of much needed moisture across the grain belt.  December corn settled well below the $6.00 level and November soybeans managed to hang on above $13.  Weather markets can be extremely volatile and there has been no shortage of volatility over the past week.  The weekly export sales report offered no support and the figures for corn were very poor, coming in at the bottom side of estimates with 36k tonnes sold.  Soybean sales were decent for this week with net sales of 457.5k tonnes.  The report shouldn't be a surprise considering how fast the board priced the U.S. out of the global market starting last week Thursday.  The funds are able to move the market but it doesn't mean the funds are right, real fundamentals still need to be part driver of the market direction.  To date, export sales pace for corn is now 123 million bushels behind the USDA target versus 107 million last week.  Soybean export sales pace is currently 82 million bushels behind the USDA target, improving from an 88-million-bushel deficit last week.

outlook.png

Read More News

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...