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.

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10/9/2026
Oct 09, 2026
USDA Report Update:
Well, the USDA gave us an absolute shocker this morning and raised the corn yield up to 181.2 bpa vs 178.5 in September.  The average trade guess was lower at 177.7 bpa.  The carryout is now up to 1.849 billion bushels vs 1.567 in September.  They raised Exports up 25 million, Feed and residual up 50 million and Ethanol up 50 million.  Corn is currently down 28 cents on this news.  This is an absolute shocker to the corn market. 
9/11/2026
Sep 11, 2026
It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point. 
7/10/2026
Jul 10, 2026
USDA report day was slightly friendly to the grain markets.
Corn:
25/26 corn carryout was pegged at 2.020 billion bushels vs an average guess of 2.073 billion.  The main changes to this year’s balance sheet had feed and residual usage up 150 million bushels while they decreased ethanol by 25 million bushels.  Corn Yield for next year was estimated at 183 bushel per acre, which was about as expected.