Grain > Commentary > 11-5-2020

11/5/2020

Nov 05, 2020

11/5/2020
Another day of good gains in the grain markets and the financial markets.  More China rumors around, but nothing confirmed.  We had a couple small exports sales announced this morning of soybean oil and sorghum, nothing too exciting.  Exports sales for the week were very good for corn at 2,610,800 tonnes compared to estimates of 1,800,000 to 2,500,000 tonnes.  Soybean export sales were near 1,530,000 mmt.  South American weather still remains a question mark as they have got recent rains, but some still want to lean towards a dry growing season.  The USDA's next report will come on Tuesday and we should see shrinking carryout's in both corn and beans.  Beans remain to be the best story at the moment, but corn is definitely starting to gain momentum as well.  Estimates for the report have corn carryout at 2.0 billion, down from 2.167 in October.  Estimates have the bean carryout at 235 million, down from 290 million in October.  Some private estimates are closer to 150 million at this time.  So, to sum it up we have a shrinking supply and are growing demand, which leads to higher prices. 
 

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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. 
6/11/2026
Jun 11, 2026
The USDA report was noneventful and now we wait for the stocks and acres report on June 30th.  25/26 corn carryout was estimated at 2.145 billion vs an average guess of 2.138 billion.  26/27 corn carryout was estimated at 1.960 billion vs an average guess of 1.947 billion. 26/27 World corn carryout was estimated at 281.22 Million Tonnes vs an average guess of 278.51.  That is up 4 Million Tonnes from the May USDA report. 
5/12/2026
May 12, 2026
Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.