December corn finding new contract lows. Friday, November 10, 2023

The corn and wheat markets are lower, while soybean prices are mixed. Soybean oil is higher again, with meal a fraction lower. Commodity funds continue to sell and with the federal holiday today there are no sales announcements from the USDA.

On my charts December corn fell to new contract lows today, trading below $4.68, so the next support is now at $4.55. January soybeans have support at $13.30 and resistance at $13.80. For December CBOT wheat support is at $5.70 and resistance is at $6.10.

In the outside markets, the stock market is higher again with the Dow now up just over 100 points. The U.S. dollar is down 10 points today. Crude oil has been lower most of the week but is now up $1.10 per barrel. Gasoline and diesel prices are a fraction lower with gasoline now at the lowest price in the futures market since December 2021.

It has been a blood bath in the cattle market this week. At this hour however, January feeder cattle are up $1.15, December live cattle are up 30¢ and December lean hogs are down 57¢.

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