Soybeans down 10¢. Wednesday, November 22, 2023

March corn is currently up 2½¢.

January soybeans are down 10½¢.

“Traders are assessing the rain totals that have fallen in Brazil over the past week, but it does not seem as much as expected,” says Grain Market Insider newsletter by Stewart-Peterson Inc. “Lower prices today follow an updated forecast for Brazil that shows better chances for rain over the next seven days that include the driest regions in central Brazil.”

March wheat is in the green this morning. CBOT wheat is up 6¼¢. KC wheat is up 5½¢. Minneapolis wheat is up 3¾¢.

“All three wheat contracts are higher this morning for what would make the second consecutively higher close as funds begin to short cover with prices near contract lows,” says Grain Market Insider. “Overnight, there were reports of new Russian attacks on the Ukrainian port of Odesa which may be offering support to prices.”

USDA announced this morning China is buying 110,000 metric tons of soft red winter wheat and unknown destinations are purchasing 128,000 metric tons of corn for delivery during the 2023/2024 marketing year.

Livestock are mixed this morning. February live cattle are down 50¢. February lean hogs are up 5¢. January feeder cattle are down $1.60.

March S&P 500 futures are up 5 points. March Dow futures are up 55 points.

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