Corn and wheat close in the red | Friday, November 10, 2023

The corn and wheat markets were hit hard today with many of the corn futures contracts falling to new lows. The negative and somewhat confusing USDA reports from yesterday kept selling pressure on the corn and wheat markets. 

At the close today December corn was down 4¢. January soybeans closed 4¢ higher. Wheat was down 5¢ to 7¢ per bushel. 

In the outside markets today, the stock market has turned higher again with the Dow up 392 points at this hour. The U.S. dollar is down 10 points today. Crude oil is up $1.53 per barrel but is down over $3.00 per barrel for the week. 

In the livestock markets on Friday December hogs closed up 45¢ at $71.90. December cattle closed down 17¢ at $174.17. January feeders closed up $1.50 at $226.42.  

Published: 2:56 p.m. CST

Kluis: December corn finding new contract lows: 10:01 a.m. CST

The corn and wheat markets are lower, while soybean prices are mixed. Soybean oil is higher again, with meal a fraction lower. Commodity funds continue to sell and with the federal holiday today there are no sales announcements from the USDA.

On my charts December corn fell to new contract lows today, trading below $4.68, so the next support is now at $4.55. January soybeans have support at $13.30 and resistance at $13.80. For December CBOT wheat support is at $5.70 and resistance is at $6.10. 

In the outside markets, the stock market is higher again with the Dow now up just over 100 points. The U.S. dollar is down 10 points today. Crude oil has been lower most of the week but is now up $1.10 per barrel. Gasoline and diesel prices are a fraction lower with gasoline now at the lowest price in the futures market since December 2021.

It has been a blood bath in the cattle market this week. At this hour however, January feeder cattle are up $1.15, December live cattle are up 30¢ and December lean hogs are down 57¢.

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: 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.

Published: 10:01 a.m. CST