Soybean close down a penny | Tuesday, November 7, 2023

December corn ended the day down 8¼¢.

Kevin Stockard, commodity broker with CHS Hedging, says, "There isn’t much for the corn market to grab onto to make it trade higher."

After being up most of the morning, January soybeans turned red not long before noon and closed down a penny.

"Products were the stars of the show today," says Stockard. "Meal finished the day just up $10 per ton higher but was up $18.8 per ton at one point...On the flip side, the bean oil was down over a penny today, giving back almost all the gains from yesterday."

CBOT wheat is down 3¾¢. KC wheat is down 11¼¢. Minneapolis wheat is down 4½¢.

Live cattle are down $2.65. Lean hogs are up 28¢. Feeder cattle are down $5.28.

Crude oil is down $3.47.

S&P 500 futures are up 11 points. Dow futures are up 38 points.

Published: 2:23 p.m. CST

Corn and wheat in the red at midday: 11:34 a.m. CST

December corn is down 5¾¢ at midday.

January soybeans are up 4½¢.

CBOT wheat is down 3½¢. KC wheat is down 11½¢. Minneapolis wheat is down 1¼¢.

Live cattle are down 33¢. Lean hogs are up 48¢. Feeder cattle are down $1.33.

Crude oil is down $3.02.

"There seems to be less concern about the conflict in the Middle East affecting the flow of oil, and this is the first time it has been below the $80 level since late August," says Grain Market Insider newsletter by Stewart-Peterson Inc. "This may be in part what is weighing on corn this morning."

The U.S. Dollar Index December contract is up to 105.51.

S&P 500 futures are up 6 points. Dow futures are up 27 points.

Published: 11:34 a.m. CST

Soybeans trading up for 6th day in a row: 9:20 a.m. CST

December corn is currently down 2¼¢.

January soybeans are up 9½¢.

CBOT wheat is up 3¾¢. KC wheat is down 2½¢. Minneapolis wheat is up 6¢.

"Both soybean and soymeal futures continue to be supported by adverse weather in South America," says Arlan Suderman, chief commodities economist for StoneX. "Strength in soymeal has its roots in the drought of the past several years in Argentina, reducing exports coming from that country. The current expectation is for soybean production to return to 'normal' in the months ahead, but that means that we still have several months to go where Brazil and the United States fill the void of soymeal exports.

"Soybean futures find their strength in tight U.S. stocks and current weather concerns in Brazil. It’s been too wet in southern Brazil, but farmers there are more concerned about dryness in Center-West Brazil – specifically Mato Grosso and surrounding areas in the northern soybean belt. Weekend rains disappointed, and the next 10 days remain dry, with heat rebuilding across the region. Our people in Brazil say that, while there are exceptions, much of the crop should be fine another eight to 10 days, but then crop stress will become a problem. Some spotted replanting will be needed, and concerns are increasing for this year’s crop."

This morning USDA announced a soybean export sale to China. The country is buying 110,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.

Live cattle are down 73¢. Lean hogs are up $1.65. Feeder cattle are down $2.38.

Crude oil is down $2.17.

S&P 500 futures are up 2 points. Dow futures are down 2 points.

Published: 9:20 a.m. CST