Soybeans up nearly 20¢. Friday, November 3, 2023

December corn is currently up 3¾¢.

“It’s been over two years since the December ’23 corn contract closed at $4.70 as we saw yesterday, and the buy back over night was minimal,” says Jeremy McCann, account manager with Farmer’s Keeper. “It’s apparent the funds do not want anything to do with this contract over the past two weeks, and producers all across the nation are cutting their losses and cash selling their bushels straight off of the combine. The carry in the market is still favorable but with interest rates being as high as they are it’s almost a wash for the producer to hold onto their bushels. Those who are holding are waiting for a rally as we historically see with old crop, but as the past few years have shown us, nothing is guaranteed.”

January soybeans are up 19½¢

“Soybeans are stronger through January ’25 and continue to find technical buying strength on detrimental weather in Brazil,” said Nick Paumen, commodity broker with CHS Hedging, during the early morning trade. “Soybean oil may have found a low yesterday and meal appears to have found a range near recent highs.”

This morning USDA announced unknown destinations are buying 131,150 metric tons of soybeans for the 2023/2024 marketing year.

CBOT wheat is up 2¼¢. KC wheat and Minneapolis wheat are up less than a penny.

Crude oil is down 34¢.

S&P 500 futures are up 35 points. Dow futures are up 163 points.

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