Grains close mostly in the red | Wednesday, November 22, 2023

March corn ended the day down 1½¢.

January soybeans are down 18¾¢.

March wheat is mixed. CBOT wheat is up 3½¢. KC wheat is down by a fraction of a penny. Minneapolis wheat is down 5¼¢.

Livestock are in the red. February live cattle are down 78¢. February lean hogs are down 50¢. January feeder cattle are down $1.30.

Crude oil is down 83¢.

March S&P 500 futures are up 17 points. March Dow futures are up 164 points.

As a reminder, with Thanksgiving tomorrow grain trading is amended as follows:

• Wednesday, Nov. 22: Regular day trading hours but no night session
• Thursday, Nov. 23: Thanksgiving holiday, no day or night trading
• Friday, Nov. 24: Trading opens at 8:30 a.m. CST and closes early at 12:05 p.m. CST.

Published: 2:50 p.m. CST

Soybeans down 16¢ at midday: 11:35 a.m. CST

At midday March corn is up by less than a penny and January soybeans are down 16¾¢.

Grain Market Insider newsletter by Stewart-Peterson Inc. says corn is in a sideways patter today "as traders remain uncertain about South American weather, Ukraine exports, and the psychological resistance at the five-dollar level."

March wheat is mixed at midday. CBOT wheat is up 3¾¢. KC wheat is up less than a penny. Minneapolis wheat is down 1½¢.

February live cattle are down 10¢. February lean hogs are down 53¢. January feeder cattle are up 18¢.

Crude oil is down $2.85.

"Crude oil is sharply lower this morning after OPEC’s weekend meetings could be delayed," says Grain Market Insider. "However, there is talk that they may issue further production cuts at these lower prices. Reportedly, Israel and Hamas have agreed to a temporary ceasefire which may also be pressuring crude oil."

The newsletter adds that lower crude oil prices are weighing on soybean oil and soybean futures.

The U.S. Dollar Index March contract is up to 103.61.

March S&P 500 futures are up 17 points. March Dow futures are up 167 points.

Published: 11:35 a.m. CST

Soybeans down 10¢: 9:22 a.m. CST

March corn is currently up 2½¢.

January soybeans are down 10½¢.

"Traders are assessing the rain totals that have fallen in Brazil over the past week, but it does not seem as much as expected," says Grain Market Insider. "Lower prices today follow an updated forecast for Brazil that shows better chances for rain over the next seven days that include the driest regions in central Brazil."

March wheat is in the green this morning. CBOT wheat is up 6¼¢. KC wheat is up 5½¢. Minneapolis wheat is up 3¾¢.

"All three wheat contracts are higher this morning for what would make the second consecutively higher close as funds begin to short cover with prices near contract lows," says Grain Market Insider. "Overnight, there were reports of new Russian attacks on the Ukrainian port of Odesa which may be offering support to prices."

USDA announced this morning China is buying 110,000 metric tons of soft red winter wheat and unknown destinations are purchasing 128,000 metric tons of corn for delivery during the 2023/2024 marketing year.

Livestock are mixed this morning. February live cattle are down 50¢. February lean hogs are up 5¢. January feeder cattle are down $1.60.

Crude oil is down $3.18 and is under $75 a barrel.

March S&P 500 futures are up 5 points. March Dow futures are up 55 points.

Published: 9:22 a.m. CST