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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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.