7/25/2024

Jul 25, 2024


Corn and soybeans performed solid again on Thursday and are close to putting together one of the better weeks that we have seen in quite some time. Corn failed to take out the previous day's high for the first time this week but continues to steadily climb the ladder with a series of higher lows. We were also able to recover nicely from a midday sell-off. New crop export sale bookings continue to grow in volume. The USDA confirmed the sale of 264,000 tonnes of soybeans for delivery to unknown during the 2024/25 marketing year this morning. Weekly export sales: old crop corn midrange at 331.4k tonnes, old crop soybeans missed low with 88.6k tonnes sold, new crop corn outperforms expectations with 745.2k tonnes, new crop soybean sales on the high end at 829.7k tonnes. Old crop sales paces: corn export sales match the pace needed to meet the USDA export target but shipment pace is short by 42 million bushels; soybean export sales are short by 48 million bushels but actual shipments exceed the pace needed by 23 million bushels.

November soybeans with a friendly set up on the chart. Today’s outside reversal higher held on to close above the 20-day moving average. If you STILL have old crop to clean up or are behind in new crop sales, here is an opportunity to target a bounce. Target 1: 10.95 Nov futures for old or new crop sales. If trade is willing to take November beans back into 1100 territory, the 1125-1130 futures area is the second target for new crop sales.

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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.
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.  
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...