Grain > Commentary > 12-2-2020

12/2/2020

Dec 02, 2020

12/2/2020
The overnight markets were ugly with corn down 5 and beans down 17-20.  It looked like it was going to be the day we test 11.38 Jan futures, but we didn't quite get it done as we got within a nickel.  Corn led the charge back around 9:30 am on news that China was buying April corn and wheat.  I had a couple sources tell me that business got done and took a few phone calls looking for April corn, so it must of happened.  Corn finished up 3 nearly a dime off the days lows.  Beans finished down 9 cents as there is rain on the radar in Brazil.  More rains are forecasted in central Brazil and the markets will be paying attention to amounts over the next week.  The US Dollar continues to trade lower and has now tested 30-month lows and will likely continue lower as we approach 91.  That should continue to entice more export business out of the US.                     

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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. 
9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
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.