Corn closes up 2¢ | Wednesday, November 29, 2023

March corn ended the day up 2¼¢. December corn is down 2¢.

January soybeans are up by less than a penny.

March wheat closed in the green. CBOT wheat is up 14¼¢. KC wheat is up 16¢. Minneapolis wheat is up 12¢.

"Two things stand out to me as I look at the grain and oilseed markets today," said Arlan Suderman, chief commodities economist for StoneX, at midday. "First, the July corn contract is trading at roughly a 47¢ carry/premium to the December contract. That typically means that supplies exceed demand, and so the market is offering to pay for storage to keep that corn off the market. In other words, the market is currently saying that we are over-supplied with corn."

At the close, July corn has about a 48¢ premium over December corn.

"The other thing I see is another day of big double-digit gains for Kansas City wheat," he continued. "We recently saw wheat prices fall to fresh multi-year lows on reports that China asked France to delay shipments of wheat it had previously purchased. Now there is unconfirmed chatter in the cash market that China may be shopping for hard red winter wheat. Regardless, the funds appear to be liquidating short positions at these price levels, just in case this is finally the bottom, although we've been here many times before. Meanwhile, soybeans are waiting for more clarity on the Brazil crop."

February live cattle are up 63¢. February lean hogs are up $1.10. January feeder cattle are up $1.40.

Crude oil is up $1.45.

S&P 500 futures are up 3 points. Dow futures are up 117 points.

Published: 1:51 p.m. CST

Grains in the green at midday: 12:19 p.m. CST

March corn and January soybeans are up 1¾¢ at midday.

CBOT and Minneapolis wheat are up 13¾¢. KC wheat is up 17¼¢.

Live cattle reversed course and is now up 43¢. Lean hogs also turned around and are up $1.08. Feeder cattle are up 98¢.

Crude oil is up $1.21.

The U.S. Dollar Index March contract is up to 102.33.

S&P 500 futures are up 11 points. Dow futures are up 150 points.

Published: 12:19 p.m. CST

Corn down a penny this morning: 9:28 a.m. CST

March corn is currently down 1¼¢.

January soybeans are down 5½¢ but still higher than they started the week.

CBOT wheat is up 6¼¢. KC wheat is up 13½¢. Minneapolis wheat is up 3¼¢.

"Thursday, November 30, 2023, is first notice day for deliveries against December futures contracts," says Ryan Kelbrants, commodity broker with CHS Hedging. "You should be out of long positions by the close of business today, November 29, 2023, lest you take the chance of participating in the delivery process."

December corn is currently down 3¼¢.

Jeremy McCann, account manager for Farmer's Keeper, says soybeans have factors at play to support this week's rally while corn is grasping for support.

"Soybeans are poised to continue their rally as more Brazilian groups are decreasing their soybean production estimates amidst a lackluster planting," he says. "In addition to that, USDA is consistently reporting flash sales of soybeans. There has been a lot of volatility in the soybean market, but that's as to be expected when trading mostly a weather market. 

"Corn on the other hand can't find its footing and price continues to fall. As harvest wraps up across the nation we're looking at a much better than expected crop, coupled with low demand and not a lot of news coming out of the Black Sea region. With no support it's hard to say how much farther corn will fall before the expiration of the December contract."

Livestock are mixed this morning. Live cattle are down 13¢. Lean hogs are down 78¢. Feeder cattle are up 80¢.

Crude oil is currently down 44¢.

"Oil prices rose overnight as all eyes turn to the OPEC+ meeting on Thursday, which will decide their output policy," says Kelbrants. He adds prices are also supported by lower U. S. inventories and supply disruptions caused by the storms in the Black Sea. 

S&P 500 futures are up 18 points. Dow futures are up 60 points.

Published: 9:28 a.m. CST