January soybeans close up 37¢ | Monday, November 13, 2023

The soybean market moved sharply higher today, with meal trading limit up at one time, and after a lower start, corn closed higher while wheat closed mixed.

The two bullish factors today were the large soybean sale to China reported at just over 200,000 metric tons and the continuation of hot, dry conditions in China. The fact that President Biden and China's Premier Xi are meeting face to face this week was also viewed as positive. One of the keys to watch tomorrow is the U.S. CPI inflation report. 

At the close today December corn was up 13¢, January soybeans closed 37¢ higher, December meal closed up $19.70 per ton and wheat was up 3¢ to down 2¢ per bushel. 

In the outside markets today. The stock market has turned higher again with the Dow up 79 points at this hour. The U.S. dollar is down 23 points today, and crude oil is up $1.26 per barrel. 

In the livestock markets on Friday. December hogs closed up $1.45 at $73.35, December cattle closed up 75¢ at $174,92, and January feeder cattle closed up $1.87 at $228.30.

9:30 a.m.: Grains mixed in morning trading

Grain prices are mixed this morning after a bearish end to trading last week. The Nov. 9 USDA report favored the bear camp as yields increased for both corn and soybeans. December corn futures are steady, the wheat complex is down 3¢-6¢ and soybeans are up 14¢. The daily grain export report this morning showed a 204,000 metric ton sale of soybeans to China and 143,637 metric ton sale of corn to Mexico. This news gave the bulls a slight advantage this morning. 

Livestock futures are trading higher this morning. Feeder Cattle are 50¢ to $1 higher, while live cattle are 30¢ to 45¢ higher. Lean hogs are 75¢ higher in early trading.

The U.S. dollar index is down 0.05 points this morning in a quiet trading range so far for the day. Grain traders are watching the dollar closely for any technical breakdown on the chart as futures are trading very close to the 50-day moving average support line.

Crude oil futures are pushing higher this morning. December crude is up 75¢ at $75.92. The chart does look to favor the bulls as prices have pushed above the prior three day high already today. The next upside target is the 10-day moving average at $79.02. 

The US stock market is lower in early trade. The S&P 500 futures are down 20 points while the Dow Jones futures are down 35 points. 

For a free trial of The Kluis Report, including three times a day market updates and the Saturday newsletter, visit kluiscommodities.com, call 888-345-2855, or email info@kluiscommodityadvisors.com.

Editor's Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

About the Author: Bob Linneman is a commodities broker with Kluis Commodity Advisors. Linneman grew up on a diverse farm in eastern South Dakota. Between milking cows, managing a beef herd, and farming various crops, he experienced many aspects of agriculture firsthand. After graduating from North Dakota State University with a degree in business, he moved to Hawaii with his wife. There he was an associate portfolio manager for a fixed income firm that managed $2 billion in assets. After nearly two years in Hawaii, he moved back to the Midwest and began his career in commodities. Linneman is licensed as a Series 3 and Series 30 commodity broker.

About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.