Grain > Commentary > 8-23-2023

8/23/2023

Aug 23, 2023

Dead cat bounce in corn and soybeans as the market continues to keep the bull and bears guessing and fighting for control.  Another day of hitting refresh on the same stories and headlines we've been trading for a few weeks now.  Weather, Russia/Ukraine, sluggish demand, etc.  can only be priced in so many times.  The USDA confirmed the sale of 100,000 tonnes of soybean meal for delivery to unknown during the 2023/24 marketing year.  We will have to pay some attention to yields out of Brazil as they begin to harvest their second crop corn.  It is expected to be record production.  Weekly ethanol data showed drop in production by 21,000 barrels/day, down to 1.048 mln bpd.  Ethanol stocks were lowered 645,000 barrels to 22.8 mln barrels.

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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...