Soybeans start week in the green. Monday, October 16, 2023

December corn is currently down 1¾¢.

November soybeans are up 5¢.

CBOT wheat is up 2¢. KC wheat is flat. Minneapolis wheat is up 5¾¢.

“This week’s focus in the grain and oilseed markets will be on harvest results following several days of high winds that increased lodging in corn in central and western portions of the Midwest, along with the ongoing focus on weak export sales and shipments,” says Arlan Suderman, chief commodities economist for StoneX. “I think that we’ll gradually see a shift to more focus on Brazil’s Center-West weather as well, although that’s not yet a threat to the actual size of its soybean crop – just the timing of its harvest.”

Later today USDA will release the weekly Crop Progress report. Al Kluis, managing director of Kluis Commodity Advisors, says to expect the report to peg corn harvest at somewhere between 43% to 45% complete and soybeans just over 50% complete.

This morning USDA announced Mexico is buying 200,000 metric tons of corn for delivery during the 2023/2024 marketing year. The Philippines is buying 183,000 metric tons of soybean cake and meal for delivery during the 2023/2024 marketing year.

Live cattle are up 68¢. Lean hogs are flat. Feeder cattle are up 75¢.

Crude oil is down 81¢.

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