Corn down 4¢. Friday, November 17, 2023

Wheat and soybeans also starting the day in the red.

Currently December corn is down 4½¢ while March corn is down 4¾¢.

January soybeans are down 10¾¢.

December and March CBOT wheat are down about 4¢. December and March KC wheat are both down by roughly 10¢. Minneapolis wheat has more of a spread between December and March, down 8¼¢ and 4¼¢ respectively.

The Brock Report says grains and oilseeds are under pressure from demand concerns and improved weather prospects for Brazil.

“Next week’s weather in Brazil will likely have a lot to say about whether soybean futures have put in another major high,” says The Brock Report. “World Weather Inc. says evidence is beginning to come together suggesting the Brazil monsoon may begin to evolve in the last days of November and early December. The general outlook for Brazil is not expected to change for at least the next two weeks, although World Weather, Inc. does not see another period as hot and dry as the current one occurring again during the next few weeks of summer weather in Brazil.”

Livestock are mostly lower. December live cattle are down 13¢ but February live cattle are up 15¢. December and February lean hogs are in the red. January feeder cattle are down $1.00.

Crude oil is up $1.86.

S&P 500 futures are down 2 points. Dow futures are down 23 points.

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