Grain > Commentary > 6-24-2022

6/24/2022

Jun 24, 2022

6/24/2022
A nice recovery into the weekend after trade became quickly oversold earlier in the week.  Conditions overall remain favorable for crop development but some extra heat has made its way into the extended forecast outlooks which helped support buying today.  Leading up to next Thursday’s reports, I would expect the objective here is to get our futures mid-range of our most recent significant highs and lows on the charts (somewhere around the 700'0 level on September and December corn, near 1600'0 on August beans and 1480'0 on the November chart).  Weekly export sales were better than expected for old crop corn with 672k tonnes sold.  Old crop beans sales posted 29k tonnes of net sales.  This was a marketing year low for old crop beans and we are at a point in the marketing year where some net cancellations of soybeans on any given week will not be a surprise.  New crop sales were both within trade expectations with 358k tonnes of corn and 265k tonnes soybeans sold last week.

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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...