Market Snapshot | November 22, 2023

Corn is mostly a penny to 2 cents higher at midmorning.

• Corn futures are notching gains for the third straight session from spillover strength from SRW wheat.
• USDA reported daily sales of 128,000 MT of corn to unknown destinations during 2023-24.
• Grain and livestock markets will trade normal hours today. Markets and government offices are closed Thursday for Thanksgiving. As a result, there will be no Pro Farmer market updates tomorrow. Markets will reopen 8:30 a.m. Friday morning and close at 12:05 p.m. CT.
• December corn is facing resistance at the 20-day moving average of $4.73 1/2, while support remains at $4.67.

Soybeans are mostly a nickel to 7 cents lower, while December meal futures are $6.00 higher. Soyoil futures are around 50 points lower.

• Soybean futures are sliding lower on profit-taking amid improving South American weather forecasts.
• World Weather Inc. reports center west and center south Brazil will improve for a little while over the next week to ten days, while center west and south crops will not be nearly as stressed as they were in the past ten days anytime soon, but the need for greater rain will continue.
• Agroconsult forecasts Brazilian soybean production in Brazil, Argentina, Paraguay, Bolivia and Uruguay combined will total 228.6 MMT in 2023-24, compared to 193.7 MMT in 2022-23.  However, the firm expects Brazilian exports will reach 100.9 MMT in 2024, down from 101.1 MMT in 2023.
• January soybeans are facing support at the 10-day moving average of $13.66 1/4, while resistance stands at Tuesday’s close of $13.77 1/4.

Wheat futures are mostly a penny to 3 cents higher.

• SRW wheat futures posting followthrough gains amid export demand, though technical resistance is curbing buyer interest ahead of the Thanksgiving holiday.
• USDA reported daily sales of 110,000 MT of SRW wheat to China during 2023-24.
• Romania’s Black Sea port of Constanta shipped a record 29.4 MMT of grain in the first ten months of the year, with supply from Ukraine accounting for 40% of the total, according to the port authority.
• The United Nations World Food Programme (WFP) warned today that Ukraine’s wheat production may be unable to meet domestic and export demand in the years to come if Black Sea export routes remain blocked and attacks on food infrastructure continue.
• December SRW futures have edged above resistance of $5.60 3/4 with additional resistance serving at the 10-day moving average of $5.63. Meanwhile, initial support lies at Tuesday’s low of $5.55.

Live cattle and feeders posting slight- to moderate gains midmorning.

• December live cattle are moderately higher as technical resistance continues to limit buying.
• There have been no reported cash cattle trades this week.
• Choice boxed beef prices rose 6 cents to $295.81 while Select fell $2.18 to $268.77, taking the Choice/Select spread to $27.04.
• December live cattle continue to face resistance at the 10-day moving average of $175.32, while initial support remains at $174.16.

Lean hogs are narrowly mixed at midsession.

• Lean hog futures are trading narrowly in low volume trade as cash and wholesale fundamentals continue to weigh on prices.
• The CME lean hog index dropped another 34 cents to $74.18 as of Nov. 20, a fresh low in the seasonal decline.
• The pork cutout value fell 88 cents to $85.21 amid a drop in all cuts except for bellies. Movement totaled 345.0 loads.
• December lean hogs are trading within Tuesday’s lower range, with the previous session’s low of $68.125 serving as initial support, while resistance stands at $69.59.