Corn, Soy, & Wheat In the Red. Wednesday, November 13, 2024
December corn is down 1½¢ this morning.
January soybeans are down 4¢.
December CBOT wheat is down 8¢. December KC wheat is down 3¾¢. March Minneapolis wheat is down 4½¢.
This morning USDA announced new corn export sales:
- Mexico is buying 401,357 metric tons of corn for the 2024/2025 marketing year.
- Unknown destinations are buying 290,820 metric tons of corn for the 2024/2025 marketing year.
Naomi Blohm, senior market advisor at Total Farm Marketing, said in the short term she expects grains to trade sideways to lower. She also noted the higher U.S. dollar is weighing on grain prices and creating fears for lower export demand.
This morning the U.S. Dollar Index December contract is up to 106.22.
Bob Linneman, commodities broker at Kluis Commodity Advisors, said the U.S. Dollar Index hasn’t been this high since late June. He said this is particularly damaging for wheat exports considering as the dollar has ticked higher in recent weeks, corn and soybean exports have outpaced wheat.
December live cattle are down 13¢. January feeder cattle are down 5¢. December lean hogs are down $1.10.
December crude oil is down $1.07.
December S&P 500 futures are down 4 points. December Dow futures are up 9 points.
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