Grain > Commentary > 7-17-2023

7/17/2023

Jul 17, 2023

7/17/2023
Corn and soybeans both gapped higher on the Sunday night open and it looked like we were going to be off to the races to start the week.  Analysts were leaning heavy on higher opening calls based on weather forecasts featuring hot and dry biases but the market drifted back towards unchanged and corn was trading around a nickel lower about one hour into the day session.  Soybeans were able to hold roughly half of their gains, finishing in 5-9 cent higher range.  Also deflating the bulls was a light weekly export inspections report.  Corn shipments were on the lower end of expectations at 364k tonnes and soybeans missed low with 156k tonnes shipped last week.  Shipment paces still slowed despite USDA's recent cut to export forecasts for corn and soybeans.  Corn export shipments are currently 35 million bushels behind the pace vs 18 million bushels the week prior.  Soybean shipments are now 35 million bushels ahead, down from 41 million bushels ahead the previous 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
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8/30/2024
Aug 30, 2024
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