Corn down a penny this morning. Wednesday, November 29, 2023

March corn is currently down 1¼¢.

January soybeans are down 5½¢ but still higher than they started the week.

CBOT wheat is up 6¼¢. KC wheat is up 13½¢. Minneapolis wheat is up 3¼¢.

“Thursday, November 30, 2023, is first notice day for deliveries against December futures contracts,” says Ryan Kelbrants, commodity broker with CHS Hedging. “You should be out of long positions by the close of business today, November 29, 2023, lest you take the chance of participating in the delivery process.”

December corn is currently down 3¼¢.

Jeremy McCann, account manager for Farmer’s Keeper, says soybeans have factors at play to support this week’s rally while corn is grasping for support.

“Soybeans are poised to continue their rally as more Brazilian groups are decreasing their soybean production estimates amidst a lackluster planting,” he says. “In addition to that, USDA is consistently reporting flash sales of soybeans. There has been a lot of volatility in the soybean market, but that’s as to be expected when trading mostly a weather market.

Livestock are mixed this morning. Live cattle are down 13¢. Lean hogs are down 78¢. Feeder cattle are up 80¢.

Crude oil is currently down 44¢.

“Oil prices rose overnight as all eyes turn to the OPEC+ meeting on Thursday, which will decide their output policy,” says Kelbrants. He adds prices are also supported by lower U. S. inventories and supply disruptions caused by the storms in the Black Sea.

S&P 500 futures are up 18 points. Dow futures are up 60 points.

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