3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for the week ending Friday, November 17, 2023.
To Do: We had one new recommendation this week – please review it in the Saturday Report. We recommend keeping all other offers in place.
What I think: The grains ended the week lower in a slow day of trade and news. Soybeans were lower again today with the forecasts turning much wetter in Brazil late next week – but we are skeptical that they will arrive. KC Wheat posted new contract lows today on demand issues and brought corn down with it. Corn and soybeans are near key support levels that will need to hold early next week. The outside markets were positive today with crude oil up over $2 a barrel and the US dollar sinking below 104.
What to watch: Monitor the weather in South America and where the markets open up on Sunday night.
This week’s market action:
December Corn: The trading range for the week was 19 cents while closing up 3 cents for the week at $4.67.
January Soybeans: The trading range for the week was 62 cents with the contract closing down 7 cents for the week at $13.40.
December Wheat: The trading range for the week was 38 cents with the Chicago market closing up 3 cents, Minneapolis up 10 cents and KC down 3 cents for the week.
Crude oil: Closed the week down $1.50 to $75.76.
Dow: Closed the week up 664 points to 34,947.
US Dollar: Closed the week down 1.95 points to 103.86.
Livestock futures: Trading was mixed today. At this time December Hogs are down 50 cents at $70.97, December Cattle are up $1.00 at $175.75 and January Feeders are up $1.00 at $228.50.
We will have our next update by 6 am Monday morning. Have a great weekend.