Grains mixed in morning trading. Monday, November 13, 2023

Grain prices are mixed this morning after a bearish end to trading last week. The USDA report last Thursday favored the bear camp as yields increased for both corn and soybeans. December corn futures are steady, the wheat complex is down 3-to-6¢ and soybeans are up 14¢. The daily grain export report this morning showed a 204,000 metric ton sale of soybeans to China and 143,637 metric ton sale of corn to Mexico. This news gave the bulls a slight advantage this morning.

Livestock futures are trading higher this morning. Feeder Cattle are 50¢-to-$1.00 higher, while live cattle are 30-to-45¢ higher. Lean hogs are 75¢ higher in early trading.

The US dollar index is down 0.05 points this morning in a quiet trading range so far for the day. Grain traders are watching the dollar closely for any technical breakdown on the chart as futures are trading very close to the 50-day moving average support line.

Crude oil futures are pushing higher this morning. December crude is up 75¢ at $75.92. The chart does look to favor the bulls as prices have pushed above the prior three day high already today. The next upside target is the 10-day moving average at $79.02.

The US stock market is lower in early trade. The S&P 500 futures are down 20 points while the Dow Jones futures are down 35 points.

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