November 9, 2023 Grain Commentary
Report Re-Cap 11/9/23
Corn, beans, and wheat were softer coming into the report this morning despite the significant sales to China on the 8 am USDA announcements. Beans tried to push higher with support from the morning sales. The bearish yield finding plunged corn beans and wheat lower.
Corn– The average guess for today’s report was less than a bushel increase in corn yield. So, adding 1.9 bushels to the corn yield from the previous report was a shock. The current USDA yield is at 174.9. The increase in use did not offset the increased production, amplifying end stocks. See the chart below for the details of the report-
Beans– The average estimate by the industry was a half a bushel decrease in yield. The market was stunned by the .3 bushel increases. With very little change in usage, the ending stocks are over the concerning 220. Unlike corn, beans are still in a historically tight position, but the extra production has padded the market. See the chart below for the USDA findings-
Wheat– Slight changes were made to the wheat on the import side. The additional imports have plumped up the ending stocks, pushing the stock to use to more comfortable levels. See the chart below for the changes in wheat-
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