Grain futures open weaker. Friday, November 24, 2023

Grain futures opened weaker at the start of trading today. Soybeans are seeing the most selling pressure as January soybeans were down 11¢ shortly after the open but have bounced back to only down 4¢. Futures tested support at the 100-day moving average. December corn is now steady after being down 2¢ while the wheat complex remains down 4 to 6¢. Grain traders will be watching the weather updates for South America as we head into the weekend. Note that grain trading concludes today at 12:05 p.m. CST.

The USDA did report two export sales this morning: 129,000 metric tons sold to China and 323,400 metric tons of soybeans sold to unknown. The weekly export sales report was released this morning, one day late due to the holiday. Wheat sales were pegged at 171,800 metric tons (low end of expectations), corn sales were reported at 1,432,400 metric tons (top end of expectations), and soybean sales were 961,300 metric tons (low end of expectations). It would appear as traders were disappointed with the export data and started the day off with selling pressure.

Livestock futures are lower this morning. January feeder cattle are down $1.95 while December live cattle are down $1.35. December lean hogs are down 25¢ while February lean hogs are down $1.10. The livestock sector has struggled in recent weeks as the fears of a global recession loom.

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