Corn closes up less than a penny | Tuesday, October 31, 2023

After being in the green almost all day, December corn closed up by less than a penny. The trading range for the day was about 5½¢.

January soybeans closed up 4¼¢. The trading range was about 15¢ today and the contract closed in the lower third of the range.

CBOT wheat is down 8¢. KC wheat is down 15¢. Minneapolis wheat is down 8½¢.

Arlan Suderman, chief commodities economist for StoneX, explained at midday that wheat prices were struggling today against ample global supply.

"Wheat prices continue to erode lower amid the increase in supply of cheap wheat coming out of Ukraine, on top of the massive supply of cheap wheat coming out of Russia," he said. "Kansas City leads the way lower for the wheat complex as it continues to erase its large premium to the Chicago market. Simply put, wheat is seeking demand, and that takes lower price levels to do so, making the path of least resistance lower thus far."

Live cattle are up 35¢. Lean hogs and feeder cattle are up 43¢.

Crude oil is down $1.30.

S&P 500 futures are up 29 points. Dow futures are up 129 points.

Published: 2:24 p.m. CDT

Corn up 2¢ at midday: 11:29 a.m. CDT

December corn is currently up 2¾¢.

January soybeans are up 9¢.

CBOT wheat is down 9½¢. KC wheat is down 13½¢. Minneapolis wheat is down 8½¢.

"Corn is trading slightly higher near midday, with prices closer to the upper end of the day’s range," says Grain Market Insider by Stewart-Peterson Inc. "December corn has traded lower for six of the past seven trading days after failing at the 100-day moving average at $5.09."

Concerning soybeans the newsletter says, "Soybeans have been rangebound for over a week and are trading higher today, near the upper end of their trading range. More favorable South American weather forecasts have been negative while demand has been supportive."

As for wheat, Grain Market Insider says "All three wheat products are lower today, but KC wheat has taken the brunt of the selloff over the past few months. The lack of export demand has been a big bearish factor."

Live cattle are down 35¢ at. midday. Lean hogs are up 23¢. Feeder cattle are down 33¢.

Crude oil is up 22¢.

The U.S. Dollar Index December contract is up to 106.66.

S&P 500 futures are up less than a point. Dow futures are down 48 points.

Published: 11:29 a.m. CDT

Corn up a penny: 9:30 a.m. CDT

December corn is currently up one penny.

January soybeans are up less than a penny.

CBOT wheat is down 7¢. KC wheat is down 4½¢. Minneapolis what is down 5¢.

This morning USDA announced Mexico is buying 239,492 metric tons of soybeans for delivery during the 2023/2024 marketing year.

The Brock Report said this morning, prior to the 8:30 a.m. market open, that corn and soybeans were quiet in the early morning session, "showing limited movement amid an absence of fresh fundamental news."

"Corn market trade could not have been much flatter with futures sticking to ranges of just 1½¢ or less," said The Brock Report. "Soybean futures were narrowly mixed as pressure from improving weather in South America offset support from strong crusher demand. Wheat futures were slightly more active and came under renewed pressure amid declining supply concerns."

We can add fire to the list of struggles Brazil is currently facing, according to Grain Market Insider by Stewart-Peterson Inc.

"A fire at a key Brazilian port is delaying grain shipments which have already struggled to be transported due to low water levels in Amazonian rivers," says the newsletter.

Grain Market Insider also notes that soybean planting in Brazil is about 6% behind last year's progress and "unfavorable weather" during wheat harvest has led to quality issues and driven prices higher.

Finally, this morning Al Kluis, managing director of Kluis Commodity Advisors, says many private forecasts will start moving projections lower for Brazil's corn and soybean crops "as the deluge of rain continues in southern Brazil and Paraguay."

Live cattle are up 10¢ this morning. Lean hogs are down 3¢. Feeder cattle are up $1.13.

Crude oil is up 12¢.

S&P 500 futures are up 3 points. Dow futures are down 18 points.

Published: 9:30 a.m. CDT