Grain > Commentary > 10-12-2020

10/12/2020

Oct 12, 2020

10/12/2020
Today turned out to be correction day.  We got a friendly report on Friday and were unable to make new highs today.  We finished right at support at 10.33 November futures.  The next level of support is 10.23.  Corn has a ways to go to hit support at 3.83 and 3.76 December futures.  The main reason for the correction today seems to be added rain in the forecast for Brazil.  It doesn't take much to drop the market like this when the funds are at record lengths and taking profits.  With that being said do I think the bean market is over?  I doubt it.  The 290 carryout the USDA just gave us remains friendly.  This winter we will still likely see wild swings trading demand news, South American weather, and of course the election.  Buckle in for a while.  This correction is overdue without a doubt.  The corn report was not real friendly, as it continues to follow the soybean market.  The DOW is up 250 points as we close in on that 29k level we can't seem to hold.  We will not get an updated harvest pace until tomorrow since it is Columbus Day. 
 

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6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.
2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT.