Corn, Soy, & Wheat Close Higher

December corn ended the day up 5¢.

January soybeans closed up 11¢.

March wheat contracts also ended the day higher. CBOT wheat was up 5¾¢ at the close. KC and Minneapolis wheat were up 5½¢.

Karl Setzer, partner at Consus Ag Consulting, highlighted two pieces of positive news for soybeans today.

The most supportive news, according to Setzer, was that China is eliminating the export tax rebate for used cooking oil.

“Exporters in China have been receiving a 13% tax refund for exporting this product, with much coming to the U.S. for renewable fuel production,” said Setzer. “The immediate reaction in the market is that this will greatly benefit U.S. soy oil demand, which is already at all-time highs, and further reduce reserves that are reaching minimal levels.”

The other piece of news Setzer highlighted was that the National Oilseed Processors Association reported an all-time record high of 199.96 million bushels of soybeans crushed in October. According to the association’s website, the monthly report “contains data from 17 member companies that account for over 95% of the U.S. soybean crush.”

February live cattle closed up 15¢. January feeder cattle ended the day up $4.03. February lean hogs closed down 88¢.

December crude oil is currently down $1.71.

December S&P 500 futures and Dow futures are currently down 78 points and 305 points, respectively.

Published: 3:55 p.m. CT

Soybeans 10¢ higher this morning: 9:09 a.m. CT

December corn is down less than a penny this morning.

January soybeans are up 10¢.

March wheat contracts are trading higher. CBOT wheat is up 5¢. KC wheat is up 2¢. Minneapolis wheat is up 3¢.

USDA released the weekly U.S. Export Sales report for the week ending Nov. 7. The Brock Report said:

“USDA reported net corn sales of 1.32 million metric tons (mmt), at the low end of trade guesses that ranged from 1.25 mmt to 2.6 mmt. Soybean net export sales of 1.56 mmt were within trade guesses of 1 mmt to 2.2 mmt…. Wheat export sales of 380,100 metric tons were within trade guesses of 250,000 to 550,000 metric tons.”

The Brock Report also said corn and soybean sales were “down notably” from the previous week.

February live cattle are down 3¢. January feeder cattle are up 83¢. February lean hogs are down 80¢.

December crude oil is down 74¢.

The U.S. Dollar Index December contract is up to 106.72.

December S&P 500 futures are down 46 points. December Dow futures are down 158 points.

Published: 9:09 a.m. CT