The corn market reversed course on Friday after a bullish WASDE Thursday, with futures trading lower by double-digits. Jul-21 corn futures—at least thus far—haven’t been able to push past recently established highs, arguably creating a scenario for short-term technical weakness. The July and December [...]
In the June WASDE, USDA lowered its 2020/21 corn ending stocks to 1.107 billion bushels, down 150 million bushels from the May figure and well below industry expectations. The drop in stocks was caused by 2020/21 U.S. exports and ethanol demand each rising by [...]
After a six-week rally, corn futures prices calmed down last week, showing a week-over-week decline for the first time since late March. Jul-21 futures fell from $7.32 per bushel to $6.43, a drop of 89 cents per bushel on the week. New-crop 2021/22 corn [...]
USDA left all the 2020/21 soybean S&D numbers unchanged in yesterday’s WASDE, including 2020/21 exports at 2.28 billion bushels. The initial forecast for 2021/22 exports is 2.08 billion bushels. This season’s cumulative exports as reported by FAS seem right on track to hit the [...]
In the May WASDE, 2021/22 corn production is forecast at 14.990 billion bushels on 91.1 million harvested acres and yield of 179.5 bushels per acre (bpa). Yield is in line with expectations, but the industry expected new-crop area and production to be higher. New-crop [...]
NOPA processors’ March crush, 178.0 million bushels, was down 2 percent from last March but still the second highest on record for the month and reflected a good recovery from February’s low volume. In the April WASDE, USDA lowered 2020/21 crush by 10 million [...]
The April WASDE report released last week was pretty much as expected across many commodities, but global wheat ending stocks did surprise with another sizeable drop. Stocks fell 5.67 MMT from 301.19 MMT to 295.52 MMT. The trade expected stocks to hold near 301 [...]
Friday’s world crop supply and demand update brought an expected increase to 2020/21 U.S. soybean exports, which USDA offset by tinkering with other use numbers, leaving ending stocks unchanged from the February and March estimates. USDA attributed the 30 million bushel increase in exports, [...]
