Soybeans up 11¢. Monday, November 6, 2023

December corn is up 2¾¢.

January soybeans are up 11¢. Al Kluis, managing director of Kluis Commodity Advisors, says to watch today’s close to see if soybeans can settle higher than $13.70.

CBOT wheat is up 3¢. KC wheat is up 4¾¢. Minneapolis wheat is up 3½¢.

This morning USDA announced China is buying 126,000 metric tons of soybeans for delivery during the 2023/2024 marketing year and Mexico is buying 289,575 metric tons of corn for delivery during the 2023/2024 marketing year.

Jeremy McCann, account manager for Farmer’s Keeper, says needed rains in Brazil did not materialize as expected this weekend.

“Brazil is very dry and it’s forecasted to stay that way for the foreseeable future which will likely cause soybeans to continue to rally,” he says. “If the lack of moisture is prolonged it will undoubtedly affect Brazil’s corn crop as well. Brazilian weather and this week’s reports are the stories to keep an eye on.”

On Thursday USDA is releasing the monthly World Agricultural Supply and Demand Estimates (WASDE) report. According to Grain Market Insider newsletter by Stewart-Peterson Inc., many analysts expect the report to increase the corn yield estimate to near 173.3 bushels per acre in response to reports of good yields.

Crude oil is up $1.36.

S&P 500 futures are up 5 points. Dow futures are up 4 points.

Outside of the U.S., milling wheat is down on the MATIF trade. Corn and soybeans are up on the Dalian trade.

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