Grain > Commentary > 9-28-2020

9/28/2020

Sep 28, 2020

9/28/2020
Corn tested support this morning down 4 cents at 3.60 futures before doing a full reversal and trading up a nickel at one-point late morning.  We did have some sales announced this morning of 207,140 metric ton of corn to Unknown, 110,800 metric ton of corn to Japan, and 218,300 metric ton of beans to Unknown.  We traded lower off that news initially, but as I mentioned corn bounced back.  Beans did finish down 6 cents on the day as harvest pressure continues to take its toll.  Beans are now 50 cents off last week’s highs.  Yields continue to come in about as expected on average.  Wednesday is the September stocks report, so be ready for that.  Corn harvest is expected to be 15-17%, compared to 8% last week, and soybean harvest is expected to be 16-18% done vs. 8% last week.  We will get that answer at 3:00 this afternoon.  Forecasts through the 14-day look to remain great for harvest activity, which should keep on lid on these markets for now. 
 

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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:
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.