Corn down 5¢. Wednesday, November 15, 2023

The grain complex is mostly lower this morning. December corn is currently down 5¾¢.

January soybeans are down 1½¢.

CBOT wheat is down 4¼¢. KC wheat is up 2¢. Minneapolis wheat is up by a fraction of a penny.

Despite being down this morning, soybeans have been rallying this week. Jeremy McCann, account manager for Farmers Keeper, credits weather troubles in South America and rumors of Chinese purchases.

“Trading a weather market backed by some ‘rumors’ can be dangerous because things can come crashing down quickly with just a shift in the forecast as we saw domestically in June,” he says. “Still, that market has a lot more length to it than corn.”

Later today the National Oilseed Processors Association (NOPA) is expected to release its October report.

“NOPA soybean crush data set to be released later today is expected to show October’s U.S. soybean crush at an all-time high of 187.237 million bushels,” says Grain Market Insider newsletter by Stewart-Peterson Inc. “If realized this crush number would be up 13.2% from September and surpass the previous all-time monthly record crush of 186.438 million bushels set in December 2021.”

The weather in Brazil is also impacting the country’s corn crop. According to Grain Market Insider, “A prominent Brazilian crop analyst lowered his Brazil corn production total to 121 million tons this week, this compares to the USDA’s November estimate at 129 million tons.”

Live cattle are currently up 5¢. Lean hogs are down 28¢. Feeder cattle are up 73¢.

Crude oil is down $1.06.

S&P 500 futures are up 16 points. Dow futures are up 111 points.

Tags: soybeans, wheat, futures, live cattle, feeder cattle, lean hogs, corn