Corn down 4¢ this morning. Tuesday, October 24, 2023

December corn is currently down 4½¢.

November soybeans are flat.

CBOT wheat is down 11¼¢. KC wheat is down 11½¢. Minneapolis wheat is down 9¾¢.

Al Kluis, managing director of Kluis Commodity Advisors, says grains closed lower yesterday due to profit-taking and a forecast for more rain in the dry parts of South America.

“Brazil is slated to receive much needed rainfall throughout the course of this week,” says Jeremy McCann, account manager with Farmer’s Keeper. “The weather has been quite unfavorable for the southern hemisphere during the planting of their first corn and only soybean crop. This rain may spur replant across Brazil but it will be welcomed nonetheless.”

Kluis says he is keeping an eye on the soybean options market.

“This Friday, the November soybean options expire,” he says. “That has often been a key time to watch for a change of trend. The majority of the time, the option expiration day has been a harvest or post-harvest low.”

This morning USDA announced the sale of 117,200 metric tons of corn to Mexico, for delivery during the 2023/2024 marketing year.

Live cattle are down 98¢ this morning. Lean hogs are up 28¢. Feeder cattle are up 3¢.

S&P 500 futures are up 24 points. Dow futures are up 195 points.

Milling wheat is down on the European MATIF exchange. Corn is up on the Chinese Dalian exchange while soybeans are down.

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