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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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected.