Grain > Commentary > 11-18-2021

11/18/2021

Nov 18, 2021

11/18/2021
Soybeans and meal pullback after a sharp move higher the yesterday.  There was some green on the board going into the coffee break this morning but market felt a little overbought and toppy going into the day session.  A full dollar rally in seven days in soybeans is surely going to be met with some positions being offset and shorting.  The January contract settled back into the area that I am looking for the funds to defend with more technical buying.  The 1290-1295 futures area is the current target for cash sales.  The market appears very comfortable with December corn trading inside of the 565-580 range and it feels like there is quite a bit of energy capped underneath the 595 level from March 22 out to July 22.  A break higher out of our current trading range would likely see some $6.00 cash deliveries a possibility for the summer months.  For those interested, soybean meal is extremely overbought right now and needs a correction.  Anyone looking to cover usage needs should explore the 350.0 area on the January 22 contract.  Week export sales were just ok this last week with the net sales for corn, soybean, and wheat all within trade estimates.  There was 905k tonnes of corn, 1.383 million tonnes of soybeans, and 399k tonnes of wheat sold last week.  There were no 8am sale announcements this morning.

Read More News

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.