Soybeans close down 20¢ | Thursday, November 9, 2023

December corn ended the day down 7½¢.

January soybeans are down 20¼¢.

CBOT wheat is down 10½¢. KC wheat is down 7¢. Minneapolis wheat is down a penny.

"Soybean traders are monitoring Center-West Brazil weather once they get beyond their initial reaction to today's USDA crop report numbers, although there's naturally a connection between the two," says Arlan Suderman, chief commodities economist for StoneX.

"I've previously focused on Mato Grosso, which would be expected to produce more than 1.6 billion bushels of soybeans this year if they were to achieve a trend yield, which is more than Iowa, Illinois and Minnesota combined this year...

"It's been much drier than normal in Mato Grosso and surrounding areas, with hot dry conditions expected to continue over the next 10 days, before weather models optimistically provide greater relief. Could we see a short crop in Mato Grosso this year? Yes, we could, if the current pattern holds. But that would be a rare event. The historical correlation between rainfall in Center-West Brazil and final yield is just 0.09 - extremely low...

"The correlation to weather is much greater further south where excessive rains are falling, but there's been very little focus on that thus far."

Live cattle are down $5.10. Lean hogs are down 3¢. Feeder cattle are down $8.25.

Crude oil is up 27¢.

S&P 500 futures are down 38 points. Dow futures are down 236 points.

Published: 2:14 p.m. CST

Corn and soy sink deeper into red following WASDE: 11:57 a.m. CDT

December corn is currently down 6¾¢.

January soybeans are down 16¾¢.

CBOT wheat is down 13½¢. KC wheat is down 5½¢. Minneapolis wheat is down 3½¢.

This morning USDA released the November World Agricultural Supply and Demand Estimates (WASDE) report. The report increased corn and soybean yields and production for the 2023 crop. Ending stocks for corn, soybeans, and wheat were all increased month-over-month.

"I was surprised that they increased the soybean yield," says Al Kluis, managing director of Kluis Commodity Advisors. "I did not expect that, but the weather in South America and what develops there will be more import then this report. You have to be careful when you have low price and a negative report because a lot of it is probably built in. If meal and oil prices stay higher, I don't see much more downside pressure for corn and soybeans because the end users need to keep buying." 

Learn more about the report here.

Live cattle are down $5.10 at midday. Lean hogs are up 63¢. Feeder cattle are down $6.83.

Crude oil is up 84¢.

The U.S. Dollar Index December contract is up to 105.45.

S&P 500 futures are down 2 points. Dow futures are down 12 points.

Published: 11:57 a.m. CST

Grains in the red ahead of WASDE: 9:27 a.m. CST

December corn is currently down 3¾¢.

January soybeans is down 8½¢.

CBOT wheat is down 11¾¢. KC wheat is down 12¢. Minneapolis wheat is down 4¢.

This morning USDA announced two new soybean export sales:

• China is buying 1,044,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.
• Unknown destinations are buying 662,500 metric tons of soybeans for delivery during the 2023/2024 marketing year.

USDA also released this week's Export Sales report and corn, soybeans, and wheat all fell within the expected range.

Later this morning USDA is releasing the November WASDE report. The trade is expecting an uptick in corn yield and production. Soybean production is also expected to be raised. The trade is also expecting an increase in domestic corn and soybean ending stocks for 2023/2024.

Live cattle are down $1.40 this morning. Lean hogs are down 25¢. Feeder cattle are down $2.23.

Crude oil is up $1.23.

S&P 500 futures are down 6 points. Dow futures are down 71 points.

Published: 9:27 a.m. CST