Grain > Commentary > 8-23-2021

8/23/2021

Aug 23, 2021

8/23/2021
After some big down days to finish last week, corn and soybeans found some stability on Monday.  Corn closed slightly lower but was able to trade higher for a portion of the day, garnering support from a sharply weaker dollar and Brazil corn being a premium.  Good weekend rains in the north west region of the grain belt and rumors of the EPA recommending a lower bio-fuel mandate stemmed any real momentum in corn on the day.  Soybeans improved a couple pennies today on some spillover support from crude and soybean oil.  US soybeans are currently around 50 cents/bushel cheaper than Brazil.  August sales have totaled over 90 million bushels so far and today was the first day in the past 12 that we did not see a daily export sale to China flashed.  The USDA did confirm a sale this morning, though, of 458,600 tonnes (18 million bushels) of corn to Mexico for the 2021/22 marketing year.  Weekly export inspections were right in line with trade range estimates with 725k tonnes of corn and 214k tonnes of soybeans inspected.  Wheat outperformed expectations with 658k tonnes inspected for export vs the top estimate of 575k tonnes.  This past weekend's rain totaled 1.75" at the elevator in Murdock.

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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...