Grain > Commentary > 12-6-2023

12/6/2023

Dec 06, 2023

Corn and soybeans both take a hit after showing some early session strength. After trading 3 higher in corn and 8-9 cents higher in soybeans, the market quickly retreated. Corn ends the day down 6 and soybeans down 9-14. Weekly ethanol data showed an increase in production of 65,000 barrels/day to a total of 1.076 mln bpd. Ethanol stocks were unchanged from the previous week at 21.4 mln barrels. The USDA made two export sale announcements this morning, both for delivery to China during the 2023/24 marketing year. The sales included: 372,000 tonnes of soft red winter wheat and 136,000 tonnes of soybeans.

Corn appeared set to challenge the upper-end of its trading range this morning but was quickly beaten back. The 50-day moving average maintains itself as the nearest point of resistance. Resistance at this point was last tested back on 11/15 with the same result.

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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:
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