Soybeans and wheat end day on high note | Tuesday, November 28, 2023

For most of the day March corn traded sideways in about a 2¢-range, ultimately ending the day down 1½¢.

January soybeans shot up this morning and then spent most of the day trading sideways in about a 6¢-range, closing up 17¼¢.

March wheat finished the day strong. CBOT wheat is up 12¼¢. KC wheat is up 21½¢. Minneapolis wheat is up 13½¢.

Livestock also finished the day strong. Live cattle are up $4.18. Lean hogs are up $2.05. Feeder cattle are up $8.25.

Crude oil is up $1.58.

S&P 500 futures are up less than a points. Dow futures are up 74 points.

Published: 2:14 p.m. CST

Soybeans up 16¢ at midday: 12:05 p.m. CST

March corn is currently down 1¼¢.

January soybeans are up 16¼¢.

CBOT wheat is up 7½¢. KC wheat is up 18¢. Minneapolis wheat is up 12¢.

"Corn is trading lower today with continued pressure from yesterday’s selloff as the market prepares for a record large U.S. corn harvest of 15.2 billion bushels," says the Grain Market Insider newsletter by Stewart-Peterson Inc. "Soybeans are trading higher today as they work to regain some of the losses over the past three days. Despite the selloff, soybeans have stayed within their recent range...Wheat is mostly higher with all three classes reversing higher from yesterday’s lows as traders cover short positions on oversold conditions."

Live cattle are up $4.40. Lean hogs are up $1.60. Feeder cattle are up $7.73.

Crude oil is up $2.12.

The U.S. Dollar Index March contract is at 102.31.

S&P 500 futures are up 2 points. Dow futures are up 81 points.

Published: 12:05 p.m. CST

Soybeans up 9¢: 9:32 a.m. CST

This morning March corn is down 2¾¢.

January soybeans are up 9¢.

CBOT wheat is down 2¾¢. KC wheat is down less than a penny. Minneapolis wheat is up 4½¢.

"Moisture stress will quickly rebuild this week over an estimated 40% of Brazil’s soybean belt — primarily in the Center-West and northeast regions of the belt," says Arlan Suderman, chief commodities economist for StoneX. "But forecasters currently see strong support for showers to return to the northern soybean belt in the six- to 15-day period, with a better bias for showers in December than what they saw in November. That doesn’t necessarily mean that Center-West Brazil will see 'normal' rainfall, as normal rainfall in December would be 9 inches. But there are indications that the region could see 'sufficient' rainfall to reduce yield risks."

This morning USDA announced unknown destinations are buying 123,300 metric tons of soybeans for delivery during the 2023/2024 marketing year.

Live cattle are up $1.93. Lean hogs are up 25¢. Feeder cattle are up $4.40.

Crude oil is up 82¢.

S&P 500 futures are down 7 points. Dow futures are up 4 points.

Published: 9:32 a.m. CST