Markets

Soybeans close up 15¢ | Thursday, December 7, 2023

Corn stuck below resistance, expert says.

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Updated on December 7, 2023

March corn ended the day up 3¼¢ at $4.87½.

"The 50-day moving average for March corn is at about $4.94 and remains a resistance level, with March futures remaining below the moving average since October 24," said the Grain Market Insider newsletter by Stewart-Peterson Inc. at midday.

Grain Market Insider also noted Brazil's agriculture agency CONAB lowered its corn production estimate by roughly one million metric tons (mmt) to 118.5 mmt, well below USDA's estimate of 129 mmt.

January soybeans closed up 15¢.

"Central Brazil looks like it will receive more consistent rain starting on Friday, and the rain could benefit their soybean crop in some of the drier areas," said Grain Market Insider.

CBOT wheat is up 9¢. KC wheat is up 11¼¢. Minneapolis wheat is up 6¾¢.

Livestock closed in the red. Live cattle are down $1.08. Lean hogs are down $1.55. Feeder cattle are down 13¢.

Crude oil is down 11¢.

S&P 500 futures are up 33 points. Dow futures are up 56 points.

Published: 2:19 p.m. CST

Grains up at midday: 11:05 a.m. CST

March corn is currently up 1¾¢.

January soybeans are up 8¢.

CBOT wheat is up 2¼¢. KC wheat is up 2½¢. Minneapolis wheat is up a penny.

Live cattle are up 75¢. Lean hogs are down $1.15. Feeder cattle are up $2.73.

Crude oil is up 12¢.

The U.S. Dollar Index March contract is down to 103.32.

S&P 500 futures are up 31 points. Dow futures are up 21 points.

Published: 11:05 a.m. CST

Soybeans starting day up 9¢: 9:05 a.m. CST

March corn is up 2½¢ this morning.

January soybeans are up 9¾¢.

CBOT wheat is down 9½¢. KC wheat is down 7¾¢. Minneapolis wheat is down 2¾¢.

"The run of U.S. soft red winter wheat daily flash sales to China has halted — at least for now — and wheat is reacting accordingly after a strong recent rally," says Matt Zeller, senior market intelligence analyst for StoneX. "However, private exporters did report another 121,000 metric tons (4.5 million bushels) of soybeans sold to “unknown” for 2023/2024, and weekly export sales figures for both corn and soybeans were fairly strong as well.

"For all the hand-wringing about losing corn and soybean sales to Brazil and slow early export paces, those numbers are still on tap seasonally to exceed current USDA targets for ‘23/24. The trade isn’t expecting any increases in USDA demand estimates tomorrow, though — much easier for the government to wait until the January “final” report and put together supply and demand revisions all at once."

Tomorrow at 11 a.m. CST USDA is expected to release the December World Agricultural Supply and Demand Estimates (WASDE) report.

In this morning's export sales report for the week ending Nov. 30, USDA reported: