Grain > Commentary > 11-20-2023

11/20/2023

Nov 20, 2023

Soybeans were the darling to start the holiday week.  After trading as much as 13 lower, soybeans completed a large reversal higher to improve 17-27 cents on the day.  Corn drug its feet in lower trade before finally flipping green in the final hour of the session and closing with gains of 1-2 cents out to the July 25 contract.  While soybean sales over the past month have impressed trade, shipments continue to be routine/seasonal.  Export inspections last week were as expected with 554k tonnes of corn and 1.609 mln tonnes of soybeans shipped.  Previous week figures have been routinely revised higher this fall.  The USDA announced 104,000 tonnes of corn sold to Mexico for the 2023/24 marketing year this morning.  

Reminder:  Glacial Plains will be closed on November 23 and 24 for Thanksgiving.

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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. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.