Grain > Commentary > 11-16-2023

11/16/2023

Nov 16, 2023

Corn was the lone bright spot in trade today with finishes ranging from 3 to 5 cents higher.  Almost every other ag commodity was lower.  The soy complex as a whole was down and featured soybeans sharply lower with 17-24 cent losses.  At 8 a.m. this morning, the USDA confirmed the sale of 220,000 tonnes of soybeans for delivery to unknown during the 2023/24 marketing year.  The weekly export sales report was a weekly sales record for soybeans with 3.918 mln tonnes sold.  This was within the range of expectations following last week's large sale announcements.  Corn out-performed expectations with 1.8 mln tonnes sold.  Corn and soybeans both made leaps towards catching up to their sales paces needed to meet their USDA targets.  Corn improved from 48 million bushels short to 10 million bushels short.  Soybeans improved from 170 million bushels short to 51 million bushels short.

Read More News

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:
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.