Grain > Commentary > 11-11-2021

11/11/2021

Nov 11, 2021

11/11/2021
Some indecisive action during a quieter day of trade and smaller ranges for corn and soybeans.  Corn traded 10 higher early in the session and then faded into mid-day to finish unchanged-1 lower.  Soybeans traded double-digits higher early in the day session and managed to post modest gains on the day as a beneficiary of positive crush margins.  Spring wheat made a big charge at the 8:30am open, trading around 20 cents higher, and closed the day 9-10 higher.  Fund interest and activity continues to push water uphill in support of the grains and somewhat ignore fundamentals and outside influences such as a lack of export business, comfortable ending stocks, ideal conditions in South America, and a sharp 2-day rally in the dollar.  USDA offices were closed for Veterans' Day today so our weekly export sales and any flash sales (if applicable) will be posted tomorrow morning.  It feels like inflation is priced into our commodities at this point when comparing current market levels on the board to our carryout inventories in grains to the historical data.   

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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.