Corn has choppy start to the day. Wednesday, November 1, 2023

In the first few minutes of trade, December corn has changed quickly from being flat to down slightly to up slightly an back again. Currently corn is down less than a penny.

January soybeans are starting the day in the red, currently down 2¾¢.

CBOT wheat is up 4¢. KC wheat is up 6¢. Minneapolis wheat is up 1¾¢.

“The Federal Reserve will end their two day meeting today and announce if interest rates will be raised or left unchanged about the time the CBOT closes today,” says Naomi Blohm, senior market advisor for Total Farm Marketing. “Currently, the industry expects that the Fed will leave interest rates unchanged.”

Today at 2 p.m. CDT, USDA is releasing a grain crushing report and a fats and oil report covering September’s activity.

“Traders expect that 173.2 million bushels of soybeans were crushed, this would be up 2.5% from August and 3.4% ahead of last year,” says Nick Paumen, commodity broker for CHS Hedging. “Corn for ethanol is expected to be at 411.8 million bushels, down 7% from August but up 7.4% from last year.”

Live cattle are up 15¢ this morning. Lean hogs are up 23¢. Feeder cattle are up 65¢.

Crude oil is up $2.02.

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