Grain > Commentary > 10-28-2022

10/28/2022

Oct 28, 2022

10/28/2022
Corn traded 2-4 lower for most of the day until some late technical buying came in, corn bounced off of its 50-day moving average on the charts and managed to finish around 1 lower on the day to keep itself on trend. Soybean price action was similar with the commodity spending a majority of the session around 5 cents lower until buying came in after the mid-day point and momentum built as it flipped positive on the day. Soybeans finished 5-8 cents higher and stay on trend. The USDA confirmed two soybean sales at 8 a.m. this morning that included 126,000 tonnes to China and 198,000 tonnes to Spain, both for delivery in the 2022/23 marketing year. Big gains on Wall Street today as of about 1:30 with the DOW 750 points higher, the NASDAQ 300 higher, and the S&P 80 points higher.

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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.