Soybeans end the day up 26¢ | Monday, November 20, 2023

After being down most of the day, March corn turned around with about an hour to go and closed up 2¼¢.

January soybeans climbed steadily for most of the day and closed up 26¾¢.

CBOT wheat is down 4¢. KC wheat is down 6½¢. Minneapolis wheat is down 7¾¢.

Live cattle are down 38¢. Lean hogs are down 48¢. Feeder cattle are up $1.08.

Crude oil is up $1.67.

S&P 500 futures are up 41 points. Dow futures are up 263 points.

Published: 2:25 p.m. CST

Soybeans continue to climb, up 15¢ at midday: 12:05 a.m. CST

March corn is currently down 1½¢.

January soybeans are up 15¢.

CBOT wheat is down 4¼¢. KC wheat is down 6½¢. Minneapolis wheat is down 6¾¢.

"Corn is trading slightly lower today in quiet trade ahead of Thanksgiving and remains rangebound," says the Grain Market Insider newsletter by Stewart-Peterson Inc. "Better chances of rain in Brazil have had little effect on prices so far...With U.S. corn futures near their lows, U.S. corn is now the cheapest feed grain in the world, and exports have been strong, running 33% higher than last year.

Concerning soybeans being in the green today, the newsletter says "Soybeans are trading higher today despite scattered showers across South America and despite Javier Milei being elected in Argentina whose agricultural policies could pressure prices. In the driest areas of Brazil, there have been many reports of farmers being forced to abandon their soybeans in favor of planting cotton or another crop in Mato Grosso."

According to Grain Market Insider, Milei, elected last night, was the libertarian candidate for the Argentinian presidency. The newsletter says traders are expecting a decline in the peso and large tax cuts as the country deals with 140% inflation.

Live cattle are down 53¢ at midday. Lean hogs are down 65¢. Feeder cattle are up 8¢.

Crude oil is up $2.19.

The U.S. Dollar Index March contract is down to 102.90.

S&P 500 futures are up 22 points. Dow futures are up 104 points.

Published: 12:07 p.m. CST

Soybeans up 8¢: 9:55 a.m. CST

March corn is currently down less than a penny.

January soybeans are up 8½¢.

CBOT wheat is up 4¢. KC wheat is up 1½¢. Minneapolis wheat is down 1½¢.

This morning USDA announced a new export sale of 104,000 metric tons of corn to Mexico, to be delivered during the 2023/2024 marketing year.

"The rains are starting in Center-West Brazil," says Arlan Suderman, chief commodities economist for StoneX. "Widespread relief is starting to arrive in parched areas of Center-West Brazil with 0.50” to 2.0”, locally up to 6.0”, expected across 80% of the soybean belt, with northeastern areas expected to be most at risk of missing out. Another round of rains is expected late week before a drier week #2 outlook. However, much of the guidance is trying to bring rains back again in the 11 to 15-day period. That’s the forecast.

"Reality is, that weekend rains were very scattered and insufficient to end the drought in these northern crop production areas. Some areas are getting very good rains, while a short distance away they still have not received rains for the past 30 days, with the crop dying in extreme heat. Conditions are very irregular in Center-West Brazil, making it difficult to get an accurate assessment of the crop. This fact will likely continue to keep support beneath the market until we can get more hard data to trade."

Live cattle are down 43¢ this morning. Lean hogs are up 15¢. Feeder cattle are up 80¢.

Crude oil is up $1.99.

S&P 500 futures are up 12 points. Dow futures are up 45 points.

With Thanksgiving on Thursday, this week has some unique trading times to be aware of for grains:

• 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: 9:55 a.m. CST