Grains in the red ahead of WASDE. Thursday, November 9, 2023
December corn is currently down 3¾¢.
January soybeans is down 8½¢.
CBOT wheat is down 11¾¢. KC wheat is down 12¢. Minneapolis wheat is down 4¢.
This morning USDA announced two new soybean export sales:
- China is buying 1,044,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.
- Unknown destinations are buying 662,500 metric tons of soybeans for delivery during the 2023/2024 marketing year.
USDA also released this week’s Export Sales report and corn, soybeans, and wheat all fell within the expected range.
Later this morning USDA is releasing the November World Agricultural Supply and Demand Estimates (WASDE) report. The trade is expecting an uptick in corn yield and production. Soybean production is also expected to be raised. The trade is also expecting an increase in domestic corn and soybean ending stocks for 2023/2024.
Live cattle are down $1.40 this morning. Lean hogs are down 25¢. Feeder cattle are down $2.23.
Crude oil is up $1.23.
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