Soybeans up 8¢. Monday, November 20, 2023

March corn is currently down less than a penny.

January soybeans are up 8½¢.

CBOT wheat is up 4¢. KC wheat is up 1½¢. Minneapolis wheat is down 1½¢.

This morning USDA announced a new export sale of 104,000 metric tons of corn to Mexico, to be delivered during the 2023/2024 marketing year.

“The rains are starting in Center-West Brazil,” says Arlan Suderman, chief commodities economist for StoneX. “Widespread relief is starting to arrive in parched areas of Center-West Brazil with 0.50” to 2.0”, locally up to 6.0”, expected across 80% of the soybean belt, with northeastern areas expected to be most at risk of missing out. Another round of rains is expected late week before a drier week #2 outlook. However, much of the guidance is trying to bring rains back again in the 11 to 15-day period. That’s the forecast.

“Reality is, that weekend rains were very scattered and insufficient to end the drought in these northern crop production areas. Some areas are getting very good rains, while a short distance away they still have not received rains for the past 30 days, with the crop dying in extreme heat. Conditions are very irregular in Center-West Brazil, making it difficult to get an accurate assessment of the crop. This fact will likely continue to keep support beneath the market until we can get more hard data to trade.”

Crude oil is up $1.99.

S&P 500 futures are up 12 points. Dow futures are up 45 points.

With Thanksgiving on Thursday, this week has some unique trading times to be aware of for grains:

• Wednesday, Nov. 22: Regular day trading hours but no night session
• Thursday, Nov. 23: Thanksgiving holiday, no day or night trading
• Friday, Nov. 24: Trading opens at 8:30 a.m. CST and closes early at 12:05 p.m. CST.

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