Monday PM Update

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.

 

Today’s markets:                       

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.