Corn up a penny. Tuesday, October 31, 2023

December corn is currently up one penny.

January soybeans are up less than a penny.

CBOT wheat is down 7¢. KC wheat is down 4½¢. Minneapolis what is down 5¢.

This morning USDA announced Mexico is buying 239,492 metric tons of soybeans for delivery during the 2023/2024 marketing year.

The Brock Report said this morning prior to the 8:30 a.m. market open that corn and soybeans were quiet in the early morning session, “showing limited movement amid an absence of fresh fundamental news.”

“Corn market trade could not have been much flatter with futures sticking to ranges of just 1½¢ or less,” said The Brock Report. “Soybean futures were narrowly mixed as pressure from improving weather in South America offset support from strong crusher demand. Wheat futures were slightly more active and came under renewed pressure amid declining supply concerns.”

We can add fire to the list of struggles Brazil is currently facing, according to Grain Market Insider by Stewart-Peterson Inc.

“A fire at a key Brazilian port is delaying grain shipments which have already struggled to be transported due to low water levels in Amazonian rivers,” says the newsletter.

Grain Market Insider also notes that soybean planting in Brazil is about 6% behind last year’s progress and “unfavorable weather” during wheat harvest has led to quality issues and driven prices higher.

Live cattle are up 10¢ this morning. Lean hogs are down 3¢. Feeder cattle are up $1.13.

Crude oil is up 12¢.

S&P 500 futures are up 3 points. Dow futures are down 18 points.

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