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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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. 
1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected.