Grain > Commentary > 11-1-2022

11/1/2022

Nov 01, 2022

11/1/2022
Soybeans lead the move higher today following an election result in Brazil that could move its government from "far-right" to "far-left."  With the incumbent unwilling to concede the election inside of a soy producing powerhouse, the market was nervous.  Also, crusher bids have strengthened significantly this week despite soybean oil and meal not following the sharply higher move in soybeans.  We now have a bit of competition between exporters and crushers for bean ownership.  Corn rode the coat tails of strength in soybeans.  Still was not able quite reach and break through the $7.00 level on the front month but finished near the highs today.  Insurers have halted coverage of vessels hauling grain out of Ukrainian ports which will essentially shut down exports out of the country. 

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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.
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.