11/12/2021

Nov 12, 2021


11/12/2021
Corn and soybeans surge going into the weekend with soybeans posting 20+ cent gains to finish the week strong.  The USDA made an 8am sale announcement of 256,930 tonnes of soybeans for delivery to unknown during the 2021/22 marketing year.  Weekly export sales for corn were mid-range with 1.067 million tonnes sold.  Soybean and wheat net sales were within range but towards the low end, with 1.289 mmt of soybeans and 289k tonnes of wheat sold last week.  Double-digit gains in soybean meal provided the big push in soybeans futures today.  Corn strength following Tuesday's report has been provided mostly by China's domestic corn price which has rallied as of late.  Some see this as a sign that China will be entering the market soon but China's state government has encouraged citizens to stockpile and that sounds like something you do when you're preparing to cut yourself off from the rest of the world.  A quick look at the technical charts shows corn and soybeans found some quick resistance at the overhead trend lines today and did not test them.  If you did not do a round of sales at these levels two weeks ago, I'm a seller here.  Otherwise, patience could be beneficial to see if there is enough momentum to break us out higher.  

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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. 
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. 
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.