Soybeans up 9¢. Tuesday, November 28, 2023

This morning March corn is down 2¾¢.

January soybeans are up 9¢.

CBOT wheat is down 2¾¢. KC wheat is down less than a penny. Minneapolis wheat is up 4½¢.

“Moisture stress will quickly rebuild this week over an estimated 40% of Brazil’s soybean belt — primarily in the Center-West and northeast regions of the belt,” says Arlan Suderman, chief commodities economist for StoneX. “But forecasters currently see strong support for showers to return to the northern soybean belt in the six- to 15-day period, with a better bias for showers in December than what they saw in November. That doesn’t necessarily mean that Center-West Brazil will see ‘normal’ rainfall, as normal rainfall in December would be 9 inches. But there are indications that the region could see ‘sufficient’ rainfall to reduce yield risks.”

This morning USDA announced unknown destinations are buying 123,300 metric tons of soybeans for delivery during the 2023/2024 marketing year.

Live cattle are up $1.93. Lean hogs are up 25¢. Feeder cattle are up $4.40.

Crude oil is up 82¢.

S&P 500 futures are down 7 points. Dow futures are up 4 points.

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