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.

Read More News

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.
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.