Corn closes up 1¢ | Friday, December 1, 2023

March corn ended the day up 1¼¢. Week-over-week corn is up nearly 2¢.

January soybeans closed down 19¢, down 7¢ from last Friday.

CBOT wheat is up 3¾¢. KC wheat is up 2¼¢. Minneapolis wheat is up less than a penny.

In his midday update, Arlan Suderman, chief commodities economist for StoneX, noted StoneX Brazil reduced production estimates for Brazil's soybean and corn crops. The soybean crop was estimated at 161.9 million metric tons (mmt). This is a 3.1 mmt reduction from the November estimate and below USDA's most recent estimate of 163 mmt. The forecast for Brazil's first and second corn crops were reduced by 0.35 mmt and 1.66 mmt, respectively. Suderman says if the third corn crop is consistent with last year, today's estimates would put total Brazilian corn production at 126.02 mmt, roughly 2 mmt less than last month's projection and nearly 3 mmt below USDA's current estimate of 129 mmt.

"For those following Brazilian weather over the last few months, the cuts shouldn't come as much of a surprise, as the ongoing heat and dryness in key growing areas of the country has delayed plantings and put immature soybeans under stress," he says. "The drop in soybean production was mostly driven by reduced yield, while the drops in corn production were mostly driven by smaller Safrinha (second crop) plantings due to the late soybean crop...

"Despite the reduction, this would still be a record soybean crop for Brazil, surpassing last year's fresh record of 158 mmt. StoneX Brazil is the fourth entity in the last week to 10 days calling for record or near-record soybean production from Brazil this year, keeping a lid on the bullishness of this reduction." 

Live cattle are down $2.83. Lean hogs are down $1.55. Feeder cattle are down $5.90.

Crude oil is down $3.54.

S&P 500 futures are up 21 points. Dow futures are up 259 points.

Published: 2:36 p.m. CST

Corn and wheat reverse course at midday: 11:42 a.m. CST

At midday March corn is up 3¾¢.

January soybeans are now down 10¼¢.

According to the Grain Market Insider newsletter by Stewart-Peterson Inc., "Soybeans are trading lower today largely due to pressure from soybean meal as traders anticipate a decline in export demand. Soybean oil is trading lower as well."

CBOT wheat is up 5½¢. KC wheat is up 2½¢. Minneapolis wheat is up a penny.

Live cattle are down 95¢. Lean hogs are down 88¢. Feeder cattle are down $2.73.

Crude oil is down $1.64.

The U.S. Dollar Index March contract is down to 102.84.

S&P 500 futures are up 23 points. Dow futures are up 262 points.

Published: 11:42 a.m. CST

Grains kicking off a new month in the red: 9:11 a.m. CST

It's a new month and grain futures are starting it off in the red. March corn is currently down 2½¢.

January soybeans are down 13¾¢.

CBOT wheat is down 4¾¢. KC wheat is down 9½¢. Minneapolis wheat is down 7½¢.

"Corn prices have lost a little momentum after yesterday’s export sales and fund led rally," said Ryan Kelbrants, commodity broker with CHS Hedging, near the end of the overnight trade. "As a new month begins, South American weather, demand, and fund activity will be the harbinger for price direction."

Concerning soybeans Kelbrants said "Beans are taking it on the chin this a.m. as weather forecasts for northern Brazil seem to slowly fill in rains in the next week and also in the 11-15 day forecast despite the nearby building heat in that region. Daily USDA sales flashes will be needed to underpin the market."

As a matter of fact, USDA did announce new soybean sales this morning. China is buying 132,000 metric tons of soybeans for delivery during the 2023/2024 marketing year and 198,000 metric tons of soybeans are going to unknown destinations during the 2023/2024 marketing year.

As for wheat being in the red, Kelbrants said "Soft wheat areas are getting a good dose of rain today while much lighter rains have fallen overnight in the far eastern portions of the [hard red winter] belt. News is lacking and wheat markets need fresh inputs for a kick start to end the 2023 calendar year."

Livestock are also in the red this morning. Live cattle are down 5¢. Lean hogs are down 70¢. Feeder cattle are down 38¢.

Crude oil is up 12¢.

S&P 500 futures are down 5 points. Dow futures are up 28 points.

Milling wheat is down on the European MATIF trade. Corn and No. 1 soybeans are up on the Chinese Dalian trade. No. 2 soybeans are down.

Published: 9:11 a.m. CST