Grain > Commentary > 9-11-2023

9/11/2023

Sep 11, 2023

Corn and soybeans start the week with higher finishes in modest fashion.  Corn closed up 2-3 cents and soybeans 5-7 cents higher.  Trade was two-sided throughout the session but there was the appearance of some simple positioning ahead of tomorrow's WASDE report where analysts expect the USDA to make some cuts to the 2023 crop yields.  The USDA confirmed the sale of 185,000 tonnes of soybean meal for delivery to the Philippines during the 2023/24 marketing year.  The weekly export inspections report showed corn at the upper end of expectations with 624k tonnes shipped but soybeans on the low side at 310k tonnes inspected.

Corn has been consolidating on the chart since the Aug WASDE report and is set up for a possible breakout following tomorrow’s report at 11 a.m. 

 

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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.