3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Monday November 23, 2020.
To Do: We had no new recommendations today. Keep all other offers in place.
What I think: The grains were mostly higher today in a steady day of trade with corn and soybeans higher and wheat mixed. Soybeans tested $12.00 today as the weather in Brazil was dry over the weekend and corn tested $4.30 after an export sale announcement this morning. We look for a choppy week as we head toward Thanksgiving as traders will be getting to the sidelines and the markets feel a little tired.
What to watch: Monitor the weather in South America and the US dollar.
December Corn: The trading range was 6 cents. The market closed up 3 cents at $4.26. The support for December Corn sits at $4.17 and resistance is at $4.30.
January Soybeans: The trading range was 14 cents. The January contract closed up 10 cents at $11.91. Support is at $11.61 and resistance is up at $12.00.
December Wheat: The trading range was 9 cents. The Chicago market closed up 5 cents with Minneapolis was down 1 cent and KC was up 1 cent on the day. The support for Chicago wheat is at $5.80 and resistance is at $6.13.
Outside markets: The US dollar index at this hour is up .14 points, crude oil is up 46 cents per barrel at $42.88, the Dow was up 329 points, and gold is down $38 an ounce.
Livestock futures: Trading was higher today. At this time, December Hogs were up 82 cents at $64.95 and December Cattle were up $1.90 at $110.00.
We will have our next update tomorrow morning at 6 am.