BASIC & RECENT MARKET INFO

USDA's S&D Highlights The highlights of yesterday’s USDA data were: Corn yield: 186.5, 1.2 bushels above the highest  pre-report estimate.     Corn production was 294 million bushels more than the highest  estimate. Corn harvested acres: 900,000 more than the highest estimate with an increase of 1.22 million in January after an increase of 1.38 million in September after a 1.93 million increase  in August. Corn world carryover was 7.91 million mts more than the highest estima

Tidbits During Friday’s session, CBOT wheat futures put in new contract lows, and then bounced back to close exactly equal to the opening prices. People who know a lot more about technical analysis than we do said this creates a “dragonfly doji” pattern on the daily price chart. Investopedia.com states, “The dragonfly doji is a Japanese candlestick pattern that signals potential market reversal and reflects investor decisions.” It is a minor signal, but yesterday’s market ac

Tidbits There was no reasonable explanation for corn, beans and wheat to be smartly lower yesterday. Crude was up more than a dollar early in the day. Corn export inspections for Christmas week were less than previous week, which is to be expected, but were 47% more than a year ago. Soybean export inspections were 54% less and wheat inspections were 11% less than a year ago. Also, the USDA announced the sale of 100,000 mts of old crop soybeans to Egypt. Grain markets will clo

Tidbits Flash sale: Yesterday morning, the USDA announced the sale of 330,000 mts of old crop soybeans and 66,000 mts of new crop soybeans to China. The ag markets  will close at 12:05 PM Central tomorrow and reopen at 8:30 AM Central the day after Christmas. January options expire on Friday. Long January futures and basis contracts need to be liquidated or rolled by the close of business Tuesday, 30 December. CBOT prices  were higher yesterday and the basis for corn and bean

Tidbits Flash sales: Yesterday morning, the USDA announced the sale of: 150,320 mts of old crop corn to unknown 136,000 mts of old crop soybeans to China Soybeans: All eyes yesterday were on January soybeans as its price traded into the 27 October gap on the daily chart by 3¼¢, reducing the gap to 4¢. January beans settled 1½¢ above the top of the gap (which is friendly), but down 5¢ on the day. Yesterday’s NOPA crush was lower than expected at 216.041 million bushels but was

Tidbits December S&D  will be released by the USDA today at 10 AM Mountain Time. In past years, the USDA never changed the yields on the December report, but some analysts expect there may be a yield adjustment this year because of the government shutdown. We doubt it, but it would be logical to have an adjustment since we did not get one in October. Farm aid: USDA announced that $11 billion of “bridge money” will be paid to farmers no later than 28 February 2026 and farmers

Tidbits OPEC+  agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut. The U.S. Manufacturing  PMI by S&P showed continued expansion in November, with a reading of 52.2, from 52.5 in October and well above 50, indicating sector growth for a fourth consecutive month; the index suggests slow improvement in operating conditions, driven by a str

Tidbits All December  basis contracts and long December futures positions need to be liquidated or rolled  before the close tomorrow to avoid the chance of being assigned delivery from the CBOT.   Flash sale: Yesterday morning the USDA announced the sale of 123,000 mts of old crop soybeans to China, which now has purchased 16.2% of the agreed 12 million mts by the end of January.   USDA’s final Crop Progress  report for the week ending November 23 shows corn harvesting nearly

Tidbits December CBOT options expire Friday. Soybean futures were supported Sunday night and yesterday morning by Treasury Secretary Scott Bessent’s weekend comment that he expects a trade deal with China to be signed perhaps by Thanksgiving and expressed confidence China would buy U.S. soybeans, just a little later than we were told in late October. Then just before noon, the NOPA reported its soybean crush for October. It was 227.647 million bushels, 18 million more bushels

Tidbits U.S. harvest  of soybeans was estimated 96% complete by a Reuters poll (last week 91%) and corn 92% complete (last week 83%). Winter wheat planting was about 95% complete, up from 91% last week, and 52% of the winter wheat crop was rated good to excellent, unchanged from last week. U.S. imports  of containerized goods declined 7.5% year-over-year in October, with shipments from China dropping 16.3% as importers tempered expectations amid evolving tariff policies. Chin

Tidbits China bought 20 shiploads of Brazil’s soybeans over the weekend.   Bloomberg reported that China is seeking U.S. wheat offers for December through February shipment. That supported corn yesterday. The U.S. will suspend port fees for a year on China-linked vessels starting November 10 as part of deescalating maritime tensions, Bloomberg reports. The White House says the pause of measures aimed at countering China’s shipping dominance will last one year while the U.S. n

Tidbits December oats  settled 12 cents lower Monday. Oats are a feed grain and so is corn. Oats knows! Сrop progress estimates  were released by Reuters as of 10/26/25: the corn harvest is estimated at 72% with a range of 67-80%, soybean harvest at 84% complete with a range of 80-88%, and winter wheat planting 84% complete with a range of 81-89%. Dr. Michael Cordonnier left his U.S. corn and soybean yield estimates unchanged at 181 bpa and 52 bpa respectively. He projects th

Tidbits Tariffs: The Trump administration began easing tariff policies, making exceptions for goods that cannot be produced, mined, or grown in the USA. The list of exemptions includes gold, LEDs, chemicals, metals, and even aircraft parts. The tariff relief is related to an upcoming Supreme Court case that may declare some duties illegal. Now the Department of Commerce and the U.S. Trade Representative will be able to independently approve tariff relief, which will speed up

Tidbits China: About noon Central Time yesterday it was reported: “U.S. Trade Representative Greer says the Trump Administration thinks they will be able to "work through it" with China.” A meeting between President Trump and President Xi has officially been rescheduled. U.S. President Donald Trump said on Tuesday Washington was considering terminating some trade ties with China, including in relation to cooking oil. "I believe that China purposefully not buying our Soybeans,

Tidbits Farm aid: The Trump administration is expected to announce a plan as soon as Tuesday to bail out U.S. farmers stung by trade disputes and big harvests, with the initial outlay potentially totaling up to $15 billion. The plan, however, could be difficult to roll out as an ongoing government shutdown prevents the kind of Congressional action needed to approve such a large payout, and existing government reserves fall short. Analysts estimate U.S. corn harvest was 29% co

Tidbits Quarterly Grain Stocks  (inventory) Report will be released today at 11 AM Central by the USDA. It will state the amount of all commodities in the U.S. as of 1 September 2025. The 2025 small grains production final (until possibly January) will also be issued. Small grains include all classes of wheat, oats, barley, and rye. Flash sale: Yesterday morning, the USDA announced the sale of 135,660 mts of old crop corn to Mexico and 110,668 mts of old crop corn to unknown.

Tidbits Flash sale: Yesterday morning the USDA announced the sale of 320,068 mts of 2025 crop corn sold to Mexico. Screwworm: Mexico confirmed a new case of New World Screwworm less than 70 miles from the U.S. border, the nearest detection to date. This species of screwworm is so dangerous because its maggots eat living flesh whereas other maggots eat only dead flesh. Argentina has removed export taxes on all grains until October 31, plus beef and poultry, to boost foreign sa

Tidbits NOPA crush  for August was expected to be 182.857 million bushels; actual was 189.810 million bushels, a 20% increase from a year ago. Better yet, soy oil stocks were 53 million pounds less than expected at 1.245 billion pounds. Flash sale: Yesterday morning, the USDA announced the sale of 148.971 mts of 2025 corn to unknown. China: President Trump said yesterday he would be speaking to Chinese President Xi this Friday. Poland’s closed border with Belarus has frozen t

Tidbits The U.S. House Agriculture Committee  plans to pass a five-year reauthorization of USDA’s grain inspection program, updating the United States Grain Standards Reauthorization Act (expiring Sept. 30) to promote new technology, including a requirement for USDA to prioritize adopting improved grain grading tech and an exemption of equipment and tech costs from the 30% cap on administrative expenses; NGFA's Mike Seyfert calls it a “must-pass” for the grain value chain, wh

Tidbits Frost: It is going to be quite chilly tomorrow morning in the Upper Midwest, and, yes, it could frost, but there is no serious threat of a killing frost, but the weather forecast could change. Do not be buying corn futures solely due to frost. Tuesday’s major PMI  reports: Canada manufacturing: 48.3 vs 46.8 expected, S&P Global U.S. manufacturing: 53.0 vs 53.3 expected, S&P Global U.S. manufacturing: 48.7 vs 48.2 expected, ISM U.S. forces in the Caribbean fired upon a