Grains kicking off a new month in the red. Friday, December 1, 2023
It’s a new month and grain futures are starting it off in the red. March corn is currently down 2½¢.
January soybeans are down 13¾¢.
CBOT wheat is down 4¾¢. KC wheat is down 9½¢. Minneapolis wheat is down 7½¢.
“Corn prices have lost a little momentum after yesterday’s export sales and fund led rally,” said Ryan Kelbrants, commodity broker with CHS Hedging, near the end of the overnight trade. “As a new month begins, South American weather, demand, and fund activity will be the harbinger for price direction.”
Concerning soybeans Kelbrants said “Beans are taking it on the chin this a.m. as weather forecasts for northern Brazil seem to slowly fill in rains in the next week and also in the 11-15 day forecast despite the nearby building heat in that region. Daily USDA sales flashes will be needed to underpin the market.”
As a matter of fact, USDA did announce new soybean sales this morning. China is buying 132,000 metric tons of soybeans for delivery during the 2023/2024 marketing year and 198,000 metric tons of soybeans are going to unknown destinations during the 2023/2024 marketing year.
As for wheat being in the red, Kelbrants said “Soft wheat areas are getting a good dose of rain today while much lighter rains have fallen overnight in the far eastern portions of the [hard red winter] belt. News is lacking and wheat markets need fresh inputs for a kick start to end the 2023 calendar year.”
Crude oil is up 12¢.
S&P 500 futures are down 5 points. Dow futures are up 28 points.
Milling wheat is down on the European MATIF trade. Corn and No. 1 soybeans are up on the Chinese Dalian trade. No. 2 soybeans are down.
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