Fundamentally Speaking

Total world vegetable oil stocks-to-use ratio since the 1983/84 season; stocks-to-use ratios of palm, soybean, rapeseed, sunflower oils.

U.S. soybean and corn total export shipments through the third week in November in million bushels (mb) vs. those shipments as a percent of the November USDA WASDE export projection

New crop November soybean/December corn ratio the day before Thanksgiving vs. the change in both corn and soybean acreage from the final planted figure the prior year to the following March planting intentions figure

Canadian wheat and rapeseed production vs. the percent that yields for both crops deviate from 30-year trends

2nd Tightest Corn Stocks-to-Use Ratio in 8 seasons

Export sales and shipments as of the first week of November vs. as a percent of USDA's November WASDE export projection

Percent deviation from the 2000-2021 trend for wheat yields for the world and then for each of the seven major wheat exporters whose collective stocks-to-use ratio is at its lowest levels in 14 seasons

U.S. 2022 winter wheat already behind the 8 ball with second worst initial crop rating ever

Five, ten and 20-year average corn/soybean yield ratios for 15 top states producing both along with the U.S. total vs. the 20-year trend rate increase for both corn and soybean yields

U.S. soybean sales as of the second week of October vs. as a percent of the USDA October WASDE estimate along with the change in the USDA's export projection from that October WASDE to the final estimate

U.S. corn sales and shipments as of the second week in October vs. percentage of the October WASDE export estimate

Stocks-to-use ratio for most classes of wheat lowest in 7 years

Percent deviation from the 2000-2021 trend yield for the world and five major corn exporters

U.S wheat production in billion bushels is the lowest total since 1.606 bb were produced in 2002 vs. all-wheat harvested to planted ratio and final yield expressed as a percent of the 25-year trend.

Five, ten and 20-year average of the corn/soybean yield ratio for the top 15 producing states of both crops vs. 20-year trend increase in yields

Soybean crop condition change from week 23 (around the middle of June) to week 37 (the middle of September) for the top 18 soybean producing states using our usual system vs. percent change in crop ratings from week 23 to week 37

Corn crop condition change from week 23 (around the middle of June) to week 37 (the middle of September) for top 18 corn producing states vs. percent change in crop ratings from week 23 to week 37

August to September and then September to final yield changes vs. the week 36 rating (2nd week of September) for U.S. corn

August to September and then September to final yield changes vs. the week 36 rating (2nd week of September) for U.S. corn

One observation is that corn really loves cool temperatures and even in states with good summer rains, one wonders whether the elevated readings capped yield potential.