Soybeans trading up for 6th day in a row. Tuesday, November 7, 2023

December corn is currently down 2¼¢.

January soybeans are up 9½¢.

CBOT wheat is up 3¾¢. KC wheat is down 2½¢. Minneapolis wheat is up 6¢.

“Both soybean and soymeal futures continue to be supported by adverse weather in South America,” says Arlan Suderman, chief commodities economist for StoneX. “Strength in soymeal has its roots in the drought of the past several years in Argentina, reducing exports coming from that country. The current expectation is for soybean production to return to ‘normal’ in the months ahead, but that means that we still have several months to go where Brazil and the United States fill the void of soymeal exports.

“Soybean futures find their strength in tight U.S. stocks and current weather concerns in Brazil. It’s been too wet in southern Brazil, but farmers there are more concerned about dryness in Center-West Brazil – specifically Mato Grosso and surrounding areas in the northern soybean belt. Weekend rains disappointed, and the next 10 days remain dry, with heat rebuilding across the region. Our people in Brazil say that, while there are exceptions, much of the crop should be fine another eight to 10 days, but then crop stress will become a problem. Some spotted replanting will be needed, and concerns are increasing for this year’s crop.”

This morning USDA announced a soybean export sale to China. The country is buying 110,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.

Crude oil is down $2.17.

S&P 500 futures are up 2 points. Dow futures are down 2 points.

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