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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11/14/2025
Nov 14, 2025
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9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.