Corn down a penny this morning. Monday, October 30, 2023

December corn is currently down 1½¢.

January soybeans are down 2½¢.

CBOT wheat is down less than a penny. KC wheat is up less than a penny. Minneapolis wheat is down 1½¢.

“Brazilian soybean planting is estimated to be about two weeks delayed on average around the country,” says Jeremy McCann, account manager with Farmer’s Keeper. “This could lead to replant, yield loss, and even delays of planting their second corn crop. This is good news for the American producer as it was estimated that Brazil would be utilizing a lot more soybeans acres for this growing season which obviously had a negative impact on domestic prices.

“Additionally, weekend rains hit key areas [in the U.S.] and will likely increase water levels on the Mississippi River. This could lead to further basis improvement before things freeze over.”

Grain Market Insider newsletter by Stewart-Peterson Inc. notes the rain, and snow and ice in some areas, did impede harvest progress this weekend.

“The next seven days should be much drier for harvest with almost no rain forecast in the Corn Belt, allowing that work to get done,” says the newsletter.

• December corn support: $4.76
• December corn resistance: $5.09.
• January soybeans support: $13.00
• January soybeans resistance: $13.34.

Live cattle are up 55¢ this morning. Lean hogs are up 73¢. Feeder cattle are up 23¢.

Crude oil is down $1.51.

S&P 500 futures are up 35 points. Dow futures are up 268 points.

Outside of the U.S., milling wheat is flat on the MATIF trade. Corn and soybeans are up on the Dalian exchange.

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