Grain > Commentary > 11-20-2020

11/20/2020

Nov 20, 2020

11/20/2020
We had a couple sales get announced this morning none of which are China again.  158,270 metric ton of corn to Mexico and 131,000 metric ton of corn to Unknown.  Overnight the markets were strong as beans tried once again to get to that infamous 12.00 future mark getting close at 11.9675.  But that’s not 12.00, so the target remains.  Corn got drug along with and managed to put in a triple top at 4.28 December futures.  A triple top is usually not a good sign, but since were still in the year 2020 anything rule of thumb can be violated.  As I said before let’s scale sales into this market and see where we end up averaging when it all over.  If you put all your eggs in one basket nothing is guaranteed.  Covid headlines continue to pile up, but so far the market has not reacted since it is so bulled up.  Be careful is all I am trying to say and do what is right for you and your business.  The bean spreads have moved into even money as the market has its belly full for now as export sales have slowed and the processor continues to feast off harvest bushels.  Corn spreads are steady at small carries as there is just enough movement to keep the market happy.  Get those Dec HTA and Basis contracts cleaned up be Wednesday next week.
 

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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.