Grain > Commentary > 1-6-2023

1/6/2023

Jan 06, 2023

1/6/2023
Soybeans bounce double-digits higher into the weekend with 14-21 cent gains.  Corn had buyers overnight and early in the day session, trading to 7 cents higher before profit taking evaporated gains.  Corn finishes mixed 1 lower to 1 higher.  The USDA confirmed two export sales this morning: 132,000 tonnes of soybeans for delivery to unknown during the 2022/23 marketing year and 112,000 tonnes of corn for delivery to Mexico, split between the 22/23 and 23/24 marketing years.  The weekly net export sales report was disappointing for wheat and corn.  Wheat sales have had record low volumes the past two weeks.  Corn sales came in well below estimates at 319k tonnes sold and featured Mexico as the only significant buyer.  Soybean sales were average at 721k tonnes sold.  I expect the markets to be relatively quiet heading into next Thursday's crop production report.  Like always, we encourage everyone to have sell orders working on major report days for old and new crop.

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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:
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