Grains finish day in the green | Tuesday, November 21, 2023

March corn and January soybeans both peaked this morning around 9 a.m. CST before backing down. After coming off the high, corn moved relatively sideways and ended the day nearly flat, up just 1¼¢.

January soybeans hit a low for the day just before 10:20 a.m. and then worked back up a bit and then traded sideways to ultimately close up 8½¢.

Nick Repke, commodities broker for Kluis Commodity Advisors, said at midday that a new European weather model is forecasting a bit more widespread showers in South America and he suspects that contributed to the "pop and drop" this morning.

March CBOT wheat is up 13¢. March KC wheat is up 6½¢. March Minneapolis wheat is up 9¼¢.

Livestock closed in the red. February live cattle are down 58¢. February lean hogs are down $2.83. January feeder cattle are down $1.48.

Crude oil is up less than a penny.

March S&P 500 futures are down 10 points. March Dow futures are down 87 points.

Published: 2:36 a.m. CST

Soybeans back off at midday but still in the green: 11:46 a.m. CST

March corn is up a penny a midday.

January soybeans peaked this morning around 9 a.m. and have since fallen. Currently they are still in the green, up 3¢.

"Following yesterday’s bullish key reversal in soybeans, the January contract has now gained 48¢ from yesterday’s low with support from lower-than-expected precipitation amounts in Brazil," says Grain Market Insider newsletter by Stewart-Peterson Inc.

March wheat is in the green. CBOT wheat is up 9¼¢. KC wheat is up 7¢. Minneapolis wheat is up 7¼¢.

Livestock are in the red at midday.

Crude oil is down 43¢.

The U.S. Dollar Index March contract is up to 103.

March S&P 500 futures are down 13 points. March Dow futures are down 112 points.

Published: 11:46 a.m. CST

Soybeans up 17¢ this morning: 9:18 a.m. CST

March corn is up 5¼¢ this morning while January soybeans are up 17¼¢.

March wheat contracts are mixed. CBOT wheat is up 2¼¢. KC wheat is down 3¢. Minneapolis wheat is up a penny.

Arlan Suderman, chief commodities economist for StoneX, says the trade is unsure how to respond to weather patterns in Brazil.

"The grain trade seems to be uncertain about its stance on Brazilian dryness — understandably so, as Brazil is a massive country and its in the midst of a very different recent weather pattern split between north and south," he says. "Our lead forecaster Commodity Weather Group still expects good rains this week for dry center-west soybean regions, along with reduced temperatures, though concerns remain overall as chances shift back to the south next week. CBOT January soybeans have posted bullish moves now to start each of the last three weeks but have ultimately closed lower by the last two subsequent Friday afternoons; the market is on a reduced time frame this week due to the Thanksgiving break, off Thursday and with a slightly shortened session on tap Friday."

Al Kluis, managing director of Kluis Commodity Advisors, notes Brazilian soybean farmers aren't keeping up with 2022's planting pace.

"The soybean planting pace in Brazil is the slowest in the last four years, currently at 68% complete," says Kluis. "A year ago, farmers were 80% done planting by this same time of year. Traders remain concerned about weather. The world balance sheet cannot afford problems in South American soybean production."

February live cattle are down 13¢. February lean hogs are down $1.95. January feeder cattle are down 28¢.

Crude oil is down 47¢.

March S&P 500 futures are down 16 points. March Dow futures are down 114 points.

Outside of the U.S., milling wheat is in the green on the MATIF trade. Corn and No. 1 soybeans are up on the Dalian trade but No. 2 soybeans are down.

Published: 9:18 a.m. CST