Soybeans close up 6¢ | Wednesday, November 1, 2023

December corn ended the day down 3¼¢.

January soybeans are up 6½¢.

CBOT wheat is up 5¼¢. KC wheat is up 11¾¢. Minneapolis wheat is down slightly.

The U.S. Federal Reserve announced this afternoon that the range for the federal funds rate will stay steady, as the market expected.

"The [Federal Open Market Committee] will continue to assess additional information and its implications for monetary policy," says the committee in a press release. "In determining the extent of additional policy firming that may be appropriate to return inflation to 2% over time, the committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."

Live cattle are up 30¢. Lean hogs are down $1.70. Feeder cattle are up 85¢.

Crude oil is down 40¢.

S&P 500 futures are up 19 points. Dow futures are up 52 points.

Published: 2:17 p.m. CDT

Soybeans up 6¢ at midday: 11:47 a.m. CDT

At midday December corn is now down 3¾¢.

January soybeans are up 6½¢.

CBOT wheat is up 4¢. KC wheat is up 8¢. Minneapolis wheat is up a penny.

"Soybeans are trading higher today with support from soybean oil, but soybean prices remain rangebound and will likely need more bullish news to break out of the range," says the Grain Market Insider newsletter by Stewart-Peterson Inc.

Live cattle are flat at midday. Lean hogs are up 3¢. Feeder cattle are up 58¢.

Crude oil is up $1.30.

"Crude oil is trading higher as the fighting between Israel and Hamas escalates," says Grain Market Insider. "Israel is in the middle of a ground invasion in Gaza, and U.S. bases in Syria and Iraq have reportedly been the target of drone attacks."

The U.S. Dollar Index December contract is up to 106.79.

S&P 500 futures are up 20 points. Dow futures are up 60 points.

Published: 11:47 a.m. CDT

Corn has choppy start to the day: 9:05 a.m. CDT

In the first few minutes of trade, December corn has changed quickly from being flat to down slightly to up slightly an back again. Currently corn is down less than a penny.

January soybeans are starting the day in the red, currently down 2¾¢.

CBOT wheat is up 4¢. KC wheat is up 6¢. Minneapolis wheat is up 1¾¢.

"The Federal Reserve will end their two day meeting today and announce if interest rates will be raised or left unchanged about the time the CBOT closes today," says Naomi Blohm, senior market advisor for Total Farm Marketing. "Currently, the industry expects that the Fed will leave interest rates unchanged."

Today at 2 p.m. CDT, USDA is releasing a grain crushing report and a fats and oil report covering September's activity.

"Traders expect that 173.2 million bushels of soybeans were crushed, this would be up 2.5% from August and 3.4% ahead of last year," says Nick Paumen, commodity broker for CHS Hedging. "Corn for ethanol is expected to be at 411.8 million bushels, down 7% from August but up 7.4% from last year."

Live cattle are up 15¢ this morning. Lean hogs are up 23¢. Feeder cattle are up 65¢.

Crude oil is up $2.02.

S&P 500 futures are up 14 points. Dow futures are up 39 points.

Published: 9:05 p.m. CDT