Corn closes down 7¢ | Monday, November 27, 2023

March corn ended the day down 7¢ while January soybeans are down just 1¼¢.

CBOT wheat is down 16¾¢. KC wheat is down 15½¢. Minneapolis wheat is down 14¾¢.

At midday, Stewart-Peterson Inc.'s Grain Market Insider newsletter noted corn was under pressure from large supplies and weekend rains in Brazil.

"Russia continues to offer wheat for much cheaper than U.S. and other country’s offers which has severely depressed prices," said the newsletter. "Paris milling wheat futures in the March contract made a new low and were down in eight of the past ten trading sessions."

Live cattle are down $2.03. Lean hogs are down $1.88. Feeder cattle are down $6.83.

Crude oil is down 60¢.

The U.S. Dollar Index March contract is down to 102.72.

"The very preliminary data on seasonal Christmas sales shows that U.S. consumers are cutting back or waiting for lower prices into January," says Al Kluis, managing director of Kluis Commodity Advisors. "This reduces the chance of another [Federal Reserve] rate hike and is bearish for the U.S. dollar."

S&P 500 futures are down 7 points. Dow futures are down 79 points.

Published: 2:18 p.m. CST

  

Grains in the red at midday: 11:23 a.m. CST

March corn is down 8¾¢ at midday.

January soybeans are down 4½¢.

CBOT wheat is down 17¢. KC wheat is down 12½¢. Minneapolis wheat is down 10¢.

Livestock are also in the red. Live cattle are down 53¢. Lean hogs are down 60¢. Feeder cattle are down $2.93.

Crude oil is down 23¢.

S&P 500 futures are down 3 points. Dow futures are down 50 points.

Published: 11:23 a.m. CST

Corn down 6¢ this morning: 9:34 a.m. CST

March corn is currently down 6¢.

January soybeans are up less than a penny.

CBOT wheat is down 5¢. KC wheat is down 4½¢. Minneapolis wheat is down 4¼¢.

"I am watching for a low in the grain markets early this week," says Kluis. "Here are the key chart support areas to watch, where prices can close but should not close below. December Corn: $4.61; January soybeans: $13.25; and December Meal: $454.20."

South American weather continues to be an area of interest.

"Forecasts for Center-West Brazil remain frustrating for farmers in the region, with just scattered thunderstorms to provide relief for those fortunate enough to be underneath of one of them," says Arlan Suderman, chief commodities economist for StoneX. "Weather models continue to show good rains a week out, with today’s outlook wetter than what we saw on Friday, but those rains don’t seem to move forward in the forecast. It’s not totally dry for the region as a whole, although some pockets remain quite dry. There are areas of good production, with areas of dying crops not far away."

Live cattle are up 75¢ this morning. Lean hogs are down 45¢. Feeder cattle are down 98¢.

Crude oil is up 18¢.

S&P 500 futures are down 7 points. Dow futures are down 60 points.

Published: 9:34 a.m. CST