‘Red across the board’. Thursday, November 16, 2023

December corn is down 4¢.

January soybeans are down 27¢.

CBOT wheat is down 9½¢. KC wheat is down 8¾¢. Minneapolis wheat is down 7½¢.

“Grain and soybean futures are in the red across the board at the end of early trading, with soybean futures having come under increased pressure overnight from prospects for improved weather in key Brazilian growing areas next week,” said The Brock Report prior to the 8:30 a.m. open. “Corn futures have also been pressured by Brazilian weather prospects and favorable weather in Argentina. Wheat futures have been pressured by technically-driven selling, corn market weakness and continued poor export demand for U.S. wheat.”

Livestock are also in the red this morning. Live cattle are down $1.40. Lean hogs are down 70¢. Feeder cattle are down $1.55.

Crude oil is down $2.89.

S&P 500 futures are down 3 points. Dow futures are down 57 points.

USDA released the weekly Export Sales report this morning. Corn export sales exceeded expectations. Soybeans were within the expected range. Wheat sales came in below expectations.

• Corn: Net sales of 1,807,500 metric tons for 2023/2024, up 78% from the prior week
• Soybeans: Net sales of 3,918,400 metric tons for 2023/2024, a marketing-year high
• Wheat: Net sales of 176,300 metric tons for 2023/2024, down 50% from the prior week

USDA also announced a new sale today. Unknown destinations are buying 220,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.

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