11/14/2025

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.  Soybean yield was estimated at 53 bpa vs 53.5 bpa is September.  Bean production is estimated at 4.253 billion vs 4.301 billion in September.  Export demand was lowered by 50 million.  Ending stocks were estimated at 290 million vs 300 million previously.  Export sales were also announced today to reflect what was done during the Government shutdown.  They announced 1.348 million tonnes of Beans.  332k to China and 616k to Unknown.  So, even if you include all the unknown as China that is only 1.0 million tonnes, which is not even close to the rumored "deal".  Corn sales were decent at 4.9 million tonnes.  Most of which was this year’s sales, besides a little new crop to Mexico for next year.