Grain > Commentary > 10-27-2023

10/27/2023

Oct 27, 2023

Corn and soybeans end the week with a stronger tone.  Corn finished 1-2 cents higher on the day after ticking up as much as 5 cents.  Soybeans flourished with double-digit gains.  November breached the 1300 threshold, once again, before settled just below at 1297'2, up nearly 18 cents on the day.  The buzz around the market today was rumors of China cancelling Brazil sales and U.S. exporters looking to subsidize some freight in an attempt to draw out some commercial sales.  A risk premium was also added into the mix today following an increase in U.S. military action overseas.  Corn futures have held surprisingly well considering the harvest pace and yield reports.  If we are able to maintain our current 3-month trading range in corn, a seasonal post-harvest rally could provide some attractive cash corn prices but we should also expect that opportunity to be short-lived.

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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. 
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.