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Agriculture

Grains Close Down on Thursday with Various Market Movements

2024-11-21

Today in the grain markets, March corn closed down 3¾¢, while January soybeans closed down 12¾¢. After a four-day consecutive rise, March wheat contracts broke the streak, with CBOT wheat closing down 2¾¢, KC wheat down 5½¢, and Minneapolis wheat down 5¢. According to the Grain Market Insider team from Stewart-Peterson Inc., corn was pressured by losses in soybeans and wheat along with a higher U.S. dollar. "Soybeans fell for a third straight day, with March and deferred contracts hitting new lows…," said Grain Market Insider. "Declines were driven by weaker soybean oil and continued favorable South American weather, as soybean oil also closed lower." Grain Market Insider also noted that wheat prices were under pressure from the dollar and easing drought conditions in major U.S. winter wheat growing areas.

Live Cattle and Hogs

February live cattle ended the day in the red, while January feeder cattle and February lean hogs closed higher. January crude oil is currently up $1.33. December S&P 500 futures and Dow futures are currently up 29 points and 465 points, respectively.

USDA Export Sales

This morning, USDA announced new export sales. China is buying 198,000 metric tons of soybeans for the 2024/2025 marketing year. Unknown destinations are buying 135,000 metric tons of soybeans for the same marketing year. The Philippines are buying 133,000 metric tons of soybean cake and meal for the 2024/2025 marketing year. USDA also released the weekly U.S. Export Sales report. Regarding net sales for the 2024/2025 marketing year, The Brock Report stated: "Net U.S. corn export sales for the week ended Nov. 14 came in at 58.8 million bushels compared with trade expectations that ran 51-86.5 million bushels and the previous week’s 51.8 million. The sales total, which is toward the lower end of the range of expectation looks a bit disappointing." "Net weekly U.S. soybean export sales came in at 68.4 million bushels compared with trade estimates that ran 36.5-70 million bushels and the previous week’s 57.2 million. The soybean sales total looks supportive for soybean prices, but may not be enough to support them against continued pressure from South American production prospects and fears of a new U.S.-China tariff war…." "Net weekly U.S. wheat export sales came in at 20.2 million bushels compared with trade estimates that ran 10-22 million bushels and the previous week’s sales of 14 million bushels. The sales total looks supportive for wheat prices."

Morning Market Updates

In the morning, March corn is down 1¼¢. January soybeans are down 4½¢. March wheat contracts are also lower. CBOT wheat is down 1½¢. KC wheat is down 3¢. Minneapolis wheat is down a penny. The U.S. Dollar Index December contract is down to 106.48. December S&P 500 futures are unchanged. December Dow futures are up 149 points.

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Live Cattle and Hogs

USDA Export Sales

Morning Market Updates