Corn closes down 6¢ | Wednesday, November 15, 2023

December corn closed down 6¾¢.

January soybeans closed down 4¢.

CBOT wheat is down 11¢. KC wheat is down a fraction of a penny. Minneapolis wheat is up a fraction of a penny.

"Weather in central and northern Brazil remains very hot and dry, with talk of an increased chance for rain over the next seven days, but southern Brazil continues to receive too much rain," says Grain Market Insider by Stewart-Peterson Inc. "Trade has been watching South American weather closely, but Argentinian weather has improved recently, which would add a large amount of soybean meal back to the market if their soy production returns to its typical production of 45 million metric tons rather than the meager 25 million metric tons in last year’s drought."

Live cattle are up $1.85. Lean hogs are down $1.00. Feeder cattle are up $1.90.

Crude oil is down $1.74.

S&P 500 futures are up 14 points. Dow futures are up 194 points.

Published: 2:44 p.m. CST

Grains red at midday: 11:52 a.m. CST

December corn is still down 5¾¢ at midday.

January soybeans are down 4¾¢.

CBOT wheat is down 8¾¢. KC and Minneapolis wheat are down a penny.

Earlier this morning Grain Market Insider said the National Oilseed Processors Association (NOPA) October crush report was expected to show soybean crush for the month at 187.237 million bushels, an all-time high. According to Reuters, the report exceeded expectations.

"NOPA members, which account for around 95% of the U.S. soybean crush, processed 189.774 million bushels of soybeans last month, up 14.7% from the 165.456 million bushels processed in September and up 2.9% from the October 2022 crush of 184.464 million bushels," Reuters reports.

Live cattle are up $1.60. Lean hogs are down 43¢. Feeder cattle are up $1.13.

Crude oil is down $1.03.

The U.S. Dollar Index December contract is up to 104.18. This morning Al Kluis, managing director of Kluis Commodity Advisors, said, "As the crop size shrinks in South America, the U.S. will ramp up corn and soybean sales. With the dollar down over 1.5% yesterday, we are very competitive in the global grain export market."

S&P 500 futures are up 15 points. Dow futures are up 143 points.

Published: 11:52 a.m. CST

Corn down 5¢: 9:30 a.m. CST

The grain complex is mostly lower this morning. December corn is currently down 5¾¢.

January soybeans are down 1½¢.

CBOT wheat is down 4¼¢. KC wheat is up 2¢. Minneapolis wheat is up by a fraction of a penny.

Despite being down this morning, soybeans have been rallying this week. Jeremy McCann, account manager for Farmers Keeper, credits weather troubles in South America and rumors of Chinese purchases.

"Trading a weather market backed by some 'rumors' can be dangerous because things can come crashing down quickly with just a shift in the forecast as we saw domestically in June," he says. "Still, that market has a lot more length to it than corn."

Later today NOPA is expected to release its October report.

"NOPA soybean crush data set to be released later today is expected to show October's U.S. soybean crush at an all-time high of 187.237 million bushels," says Grain Market Insider. "If realized this crush number would be up 13.2% from September and surpass the previous all-time monthly record crush of 186.438 million bushels set in December 2021."

The weather in Brazil is also impacting the country's corn crop. According to Grain Market Insider, "A prominent Brazilian crop analyst lowered his Brazil corn production total to 121 million tons this week, this compares to the USDA's November estimate at 129 million tons."

This morning USDA announced Japan is buying 101,745 metric tons of corn for delivery during the 2023/2024 marketing year.

Live cattle are currently up 5¢. Lean hogs are down 28¢. Feeder cattle are up 73¢.

Crude oil is down $1.06.

S&P 500 futures are up 16 points. Dow futures are up 111 points.

Published: 9:30 a.m. CST