Grain > Commentary > 11-12-2020

11/12/2020

Nov 12, 2020

11/12/2020
Today was a correction day in Chicago as futures came down from their new highs on Wednesday and the nearby corn returned to their pre-WASDE report price levels.  What we mainly see right now is speculators and funds taking this opportunity for profit taking to liquidate some of their long positions.  Funds are currently estimated long contracts 340,000 of corn and 280,000 of soybeans alone.  New sale announcements have been quiet lately and the bulls need to be fed daily.  Covid headlines continue to be worrisome as a national shutdown continues to be talked about.  Farmer selling was fairly quiet again today, which is not a surprise as the charts and fundamentals still look well supported.  The market cannot go up every day even in a bull market.  Tomorrow we will get export sale numbers at 7:30 am, but I would expect another quiet day.  
 

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1/12/2026
Jan 12, 2026
Well, the USDA report had a bit of a surprise today and not in a good way.  Not only did they increase the 2025 corn yield, from 186.0 to 186.5, they also increased Harvest Acres from 90 million to 91.3 million.  That raised the total corn production to 17.021 billion, up an additional 269 million bushels from their previous estimate.  U.S. Ending Stocks are now estimated at 2.227 bbu, vs. 2.209 in Dec.  Report trade guesses were at 1.97 bbu.
11/14/2025
Nov 14, 2025
It was USDA report day today and overall, it was bearish for both corn and beans.  Corn Yield was only reduced by .7 bpa down to 186 bpa.  The market was expecting closer to 184 bpa.  Corn production is estimated at 16.752 billion vs 16.814 billion in September.  They raised exports 100 million, which is debatable, but possible.  Ending stocks on corn were estimated at 2.154 billion bushels, which is up 44 million from September and about 29 million more than the market expected. 
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.