Grains in the red at midday. Monday, November 27, 2023
March corn is down 8¾¢ at midday.
January soybeans are down 4½¢.
CBOT wheat is down 17¢. KC wheat is down 12½¢. Minneapolis wheat is down 10¢.
Livestock are also in the red. Live cattle are down 53¢. Lean hogs are down 60¢. Feeder cattle are down $2.93.
Crude oil is down 23¢.
S&P 500 futures are down 3 points. Dow futures are down 50 points.
“I am watching for a low in the grain markets early this week,” says Al Kluis, managing director of Kluis Commodity Advisors. “Here are the key chart support areas to watch, where prices can close but should not close below. December Corn: $4.61; January soybeans: $13.25; and December Meal: $454.20.”
“Forecasts for Center-West Brazil remain frustrating for farmers in the region, with just scattered thunderstorms to provide relief for those fortunate enough to be underneath of one of them,” says Arlan Suderman, chief commodities economist for StoneX. “Weather models continue to show good rains a week out, with today’s outlook wetter than what we saw on Friday, but those rains don’t seem to move forward in the forecast. It’s not totally dry for the region as a whole, although some pockets remain quite dry. There are areas of good production, with areas of dying crops not far away.”
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