Grain > Commentary > 11-3-2022

11/3/2022

Nov 03, 2022

11/3/2022
Corn and soybeans both lower after a day that lacked fresh news. Corn found technical support at the 50-day moving average on multiple charts and soybeans flirted with either side of their 200-day moving average for the second consecutive session. This week’s export sales report showed corn sales still running just above 50% of last year’s pace (and under 50% of the total needed weekly to meet the USDA forecast) with 372k tonnes sold. Domestic demand for corn remains strong but export demand is stagnant/slow. Soybean sales were average for this time of year with 830k tonnes sold. The shipping situation on the river has improved following some rains that have raised the water level. Adding some pressure to the market today was Russia announcing they would abandon an area of Ukraine.

drought-monitor.png

Read More News

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. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off. 
8/12/2025
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.