Grain > Commentary > 10-22-2020

10/22/2020

Oct 22, 2020

10/22/2020
Overnight markets start lower with beans down 8-9 cents and corn down 3-4, but once again someone was there to buy the dip.  We had more sales announced this morning which consisted of 152,404 metric ton of beans to Mexico, 132,000 metric ton of beans to Unknown, and 130,000 of white wheat to South Korea.  Beans broke out higher today for a bit this morning and made new highs once again at 10.85 November futures before fading back at the close and finishing up a penny.  Corn also made a new high today at 4.19 December futures a penny away from the 4.20 target area.  As I mentioned yesterday this market is bulled up in all phases right now, but we need to be careful.  We are due for a correction at any time and the market felt a bit toppy today putting in new highs and barely hanging onto green figures at the close.  I am not saying we are not going higher in time, just saying we are due for a short-term correction.  Export sales this morning were very good for both corn and beans, which should not be a surprise to anyone.  South America is getting the rains they needed and more is in the forecast, but they remain behind pace on planting.  I am hearing PNW bean bids are now stretching out thru February.
 

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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. 
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.