Corn closes up 13¢ | Thursday, October 19, 2023

December corn ended the day up 13¼¢ at $5.05¼.

November soybeans closed up 6¢.

CBOT wheat is up 13¾¢. KC wheat is up 6½¢. Minneapolis wheat is up 5½¢.

Naomi Blohm, senior market advisor for Total Farm Marketing, says corn was up today on technical buying.

"Also, there were unconfirmed rumors of China showing corn buying interest on U.S. Pacific Northwest corn," she says. "The funds seem to be exiting short corn as crude keeps creeping higher. Finally, the International Grains Council lowered world corn crop three million metric tons due to lower U.S. and Brazil crops."

Beyond today's events, Blohm says there are several fundamentally positive factors for corn at play right now, including lower yields, greater potential for export sales as Brazil and Ukraine struggle with obstacles to getting grain out, firm energy prices, and strong ethanol margins.

"However, on the flip side, the most recent USDA spreadsheet says that even with all of the positive news above, ending stocks of corn for the 2023/2024 crop year are pegged at a large 2.1 billion-bushel carryout," she says. "This is the likely culprit of why December corn futures are struggling to climb above $5.00."

Live cattle are down $1.93. Lean hogs are down 5¢. Feeder cattle are down $5.30.

Crude oil is up $2.08.

S&P 500 futures are down 40 points. Dow futures are down 260 points.

Published: 2:55 p.m. CDT

Corn up 2¢ at midday: 11:43 a.m. CDT

December corn is currently up 2½¢.

November soybeans are up 1½¢.

CBOT wheat is up 3¢. KC wheat is down 2¾¢. Minneapolis wheat is down a penny.

"Corn is a bit stronger near midday with December trading slightly higher to the deferred months, as the overall pattern remains mostly rangebound, and December corn being unable to move above $5," says Grain Market Insider by Stewart-Peterson Inc.

Live cattle are down $1.60. Lean hogs are down 50¢. Feeder cattle are down $3.13.

Crude oil is up 55¢.

The U.S. Dollar Index December contract is down to 105.99.

S&P 500 futures are down 2 points. Dow futures are up 3 points.

Published: 11:43 a.m. CDT

Soybeans losing some gains: 9:45 a.m. CDT

December corn is up 3¼¢ this morning.

November soybeans are down 5½¢.

CBOT wheat is up 4½¢. KC wheat is up less than a penny. Minneapolis wheat is down less than a penny.

This morning USDA released the weekly Export Sales report. For the week ending on Oct. 12, net sales of corn, soybeans, and wheat for the 2023/2024 marketing year all fell within the expected range.

• Corn: Net sales of 881,300 metric tons
• Soybeans: Net sales of 1,371,900 metric tons
• Wheat: Net sales of 632,800 metric tons

Live cattle are down 50¢ this morning. Lean hogs are up 78¢. Feeder cattle are down $1.10.

Crude oil is down 67¢.

"Crude oil futures continue to trade with high volatility," said Bob Linneman, commodities broker for Kluis Commodity Advisors, during today's early morning trade. "The close yesterday was above the 20-day average for the first time since September 29. However, prices are trading below that technical target this morning. The big swings will continue until tensions ease in Israel."

S&P 500 futures are down 9 points. Dow futures are down 114 points.

Published: 9:45 a.m. CDT