Grain > Commentary > 6-30-2023

6/30/2023

Jun 30, 2023

6/30/2023
Report day had a massive surprise in order on planted acreage.  Corn acres were pegged at 94.096 Million vs the March estimate of 91.996 Million.  The average guess for this report was at 91.853 with a range of guesses from 91.0 - 93.0.  So we were well higher than the range of guesses even.  Corn stocks were pegged at 4.106 billion vs an average guess of 4.255 billion.  Corn finished the day down 34 cents on the higher acres number.  The bigger surprise though was in the bean acres.  The pegged planted bean acres at 83.505 Million vs the March estimate of 87.505.  4 Million acres of less bean planted!  WOW!  The average fuess for this report was 87.673 Million with a range of guesses from 88.5 - 87.0.  This was a shock to the market as it finished up 77 cents on the day.  Old crop bean stocks were 796 million vs an average guess of 812 million.  Beans are only 35 cents away from last weeks highs.  Bean oil finished the day locked limit higher on the news, so we will have expanded limits on Monday's trade in the soybean complex.  Observed precip in the I states over the next few days will be important as we get through the holiday weekend.  Have a good 4th of July Weekend!  

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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
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