Grain > Commentary > 10-28-2020

10/28/2020

Oct 28, 2020

10/28/2020
Today was correction day as it was risk off day in grains, energies and stocks.  Corn held the 4.00 support level, but will it hold tonight and tomorrow?  The next 48 hours will be important to see how these charts shake out.  The big question today is, is it over?  I doubt it's over.  This is a healthy correction for the markets and it was overdue.  We need to shake the tree every once in a while.  Now it's a matter of how long it lasts and how low we can go.  Covid headlines are back in a big way as we are setting records on new cases.  The election is next Tuesday, which is a major concern and unknown.  There is a lot of money moving to the sideline at the moment, which shouldn't be a surprise.  Let’s see what happens tomorrow and the balance of the week.
 

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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.