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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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
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:
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