Soybeans close down 17¢ | Monday, December 4, 2023

March corn ended the day up just slightly while January soybeans closed down 17¾¢.

CBOT wheat is up 15½¢. KC wheat is up 9¢. Minneapolis wheat is up 6¢.

"Improving weather forecasts in South America, softer crude oil prices, and lower than expected export inspections pressured soybean futures on Monday," says Ryan Kelbrants, commodity broker with CHS Hedging.

Kelbrants also notes corn was supported by stronger wheat futures today but pressured by the soybean complex. He credits the announcement of China's purchase and short covering for wheat's strength today.

Livestock closed mixed. Live cattle are down $2.28. Lean hogs are up 63¢. Feeder cattle are down $4.58.

Crude oil is down 79¢.

S&P 500 futures are down 26 points. Dow futures are down 33 points.

Published: 3:15 p.m. CST

Soybeans reverse course, up 2¢: 10:42 a.m. CST

March corn is currently up 2½¢.

January soybeans are up 2¼¢.

CBOT wheat is up 19½¢. KC wheat is up 12½¢. Minneapolis wheat is up 8½¢.

Livestock are currently mixed. Live cattle are down 55¢. Lean hogs are up 43¢. Feeder cattle are down $1.55.

Crude oil is down 57¢.

S&P 500 futures are down 40 points. Dow futures are down 142 points.

The U.S. Dollar Index March contract is up to 103.29.

Published: 10:42 a.m. CST

Soybeans start day down 2¢: 8:49 a.m. CST

March corn opened up by less than a penny while January soybeans are down 2½¢.

CBOT wheat is up 12¢. KC wheat is up less than a penny. Minneapolis wheat is down 3¾¢.

"Soybean prices broke below areas of chart support to double-digit losses overnight following good rains in key crop areas of both Argentina and Brazil over the weekend," says Arlan Suderman, chief commodities economist for StoneX. "A quarter of the grain belt missed out on the rains in Argentina, but widespread relief is expected in the six to 15-day period. Roughly a third of Brazil’s soybean belt remains under stress, focused primarily on areas of Center-West and on northeast Brazil. Showers will remain widely scattered in these areas for much of this week, with heat expanding Wednesday to Friday, before we see increased relief in the 11 to 15-day period."

This morning USDA announced three new export sales for the 2023/2024 marketing year:

• China is buying 440,000 metric tons of soft red winter wheat
• Mexico is buying 267,044 metric tons of corn
• The Philippines are buying 183,000 metric tons of soybean cake and meal.

Live cattle are down $1.98. Lean hogs are down 50¢. Feeder cattle are down $4.03.

Crude oil is down 58¢.

S&P 500 futures are down 28 points. Dow futures are down 108 points.

Published: 8:49 a.m. CST