Grain > Commentary > 11-6-2023

11/6/2023

Nov 06, 2023

Grains opened higher Sunday night with some solid follow-through buying in soybeans as the main highlight of today’s trade. Soybeans set another round of fresh two-month highs, improving their foot-hold well into the teens. Soybeans were the market leader on the day and the only thing supporting corn and wheat to modestly higher finishes. The USDA confirmed two export sales for delivery during the 2023/24 marketing year this morning: 126,000 tonnes of soybeans for delivery to China and 289,575 tonnes of corn to Mexico. Weekly export inspections were on the high-end of expectations with 535k tonnes of corn and 2.085 mln tonnes of soybeans shipped last week. The USDA also revised the prior week's soybean inspections upward. Current shipment paces show corn short of the seasonal pace by 24 million bushels and soybeans exceeding their needed performance by 55 million bushels.

Trade defended the September, and 2-year, low in corn at 467’6 last week and we saw some follow-through support today. We expect some life in the corn market between Thanksgiving and Christmas.

Read More News

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.
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.