12/7/2022

Dec 07, 2022


12/7/2022
Soybeans opened higher to begin the overnight and never looked back, once again, making a strong run to levels near our fresh 60-day highs set last week.  The two-week sell-off in wheat appeared to turn the tide today with Chicago and KC wheat posting 18-20 cent gains on the day and Minneapolis wheat improving 5 cents.  Corn benefited mostly from the outside strength in beans and wheat but was also helped out by the weekly ethanol report showing higher than expected production and stocks.  Production was up 59,000 barrels/day to 1.08 million bpd.  Stocks increased 323,000 barrels to 23.26 million bbls.  There was a potential key reversal higher on the corn charts this morning but trade was not able to hold.  Corn still finishes the day 3-4 cents higher in firm fashion.  With a couple notable reports still due out this week, cash beans in the high $14's is a possibility.  The $14 level on November 2023 soybean futures has developed into an area of stiff resistance and is not a bad place to start marketing next year's crop.  Trade can move quickly on report days so have sell orders working!

outlook.png

Read More News

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. 
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. 
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.