Soybeans open down while corn is up slightly. Tuesday, November 22, 2022

This morning, soybeans are down 2¢ and corn is up less than a penny.

Wheat is moving in a positive direction with CBOT wheat up 4¢. KC wheat is up a penny. Minneapolis wheat is up 2¢.

Live cattle are down 38¢. Lean hogs are up 8¢. Feeder cattle are down 95¢.

After a dramatic Monday, crude oil is up 97¢ this morning to $81.01. Naomi Blohm with Total Farm Marketing says news that OPEC would increase production drove prices down Monday until Saudi Arabia denied the claim.

Looking ahead, Nick Tsiolis with Farmers Keeper says there are a variety of bearish factors at play for the markets right now, such as the potential of a large crop from South America and the high U.S. dollar suppressing exports. Yet, he says the national average cash basis for corn and soybeans is near a 20-year high.

“Our next focus will be on the spreads for further clues, but as of now futures prices remain in the same range for over two months,” he says.

The U.S. Dollar Index sits at 107.1.

The S&P 500 is up 18 points. The Dow is up 256 points.

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