Soybeans start day down 2¢. Monday, December 4, 2023
March corn opened up by less than a penny while January soybeans are down 2½¢.
CBOT wheat is up 12¢. KC wheat is up less than a penny. Minneapolis wheat is down 3¾¢.
“Soybean prices broke below areas of chart support to double-digit losses overnight following good rains in key crop areas of both Argentina and Brazil over the weekend,” says Arlan Suderman, chief commodities economist for StoneX. “A quarter of the grain belt missed out on the rains in Argentina, but widespread relief is expected in the 6 to 15-day period. Roughly a third of Brazil’s soybean belt remains under stress, focused primarily on areas of Center-West and on northeast Brazil. Showers will remain widely scattered in these areas for much of this week, with heat expanding Wednesday to Friday, before we see increased relief in the 11 to 15-day period.”
This morning USDA announced three new export sales for the 2023/2024 marketing year:
- China is buying 440,000 metric tons of soft red winter wheat
- Mexico is buying 267,044 metric tons of corn
- The Philippines are buying 183,000 metric tons of soybean cake and meal.
Live cattle are down $1.98. Lean hogs are down 50¢. Feeder cattle are down $4.03.
Crude oil is down 58¢.
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