Grain > Commentary > 11-2-2020

11/2/2020

Nov 02, 2020

11/2/2020
Finally, election day is tomorrow, so we can get that unknown out of the way and you can get your radio station back with less ads.  The market feels nervous yet comfortable at this point.  Grains traded down 5-10 overnight, but battled back this morning before finishing the day slightly lower.  Brazil's planting pace has rapidly increased after recent rains helped suit planting conditions.  Overall demand remains strong as harvest should finish this week.  We will get an updated harvest progress tonight.  Estimates have corn at 83% and beans at 91% complete.  Farmer selling has slowed since the beginning of last week with the drop in the futures.  Basis has improved in the meantime as ethanol starts to look for corn as movement slows down off the combine.  Other news is rather light as the next USDA report is not until next Tuesday November 10th. 
 

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2/10/2026
Feb 10, 2026
It was USDA report day today and it turned out to be a yawner.  The markets never really reacted to the report, and the grains finished the day about where they started with corn unchanged and beans up 12 on the day.  US corn carryout was pegged at 2.127 billion bushels vs the average trade guess of 2.227 billion.  World corn carryout was placed at 288.98 MMT vs the average trade guess of 290.48 MMT. 
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.