3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Monday, November 14, 2022.
To Do: We had no new recommendations today. Keep all offers in place.
What I think: The grains started the week mixed today in a choppy day of trade with corn and soybeans lower and wheat higher. Wheat was supported by reports that the Argentinian crop is getting smaller while corn and soybeans were hurt by lower soybean oil and beneficial rains over the weekend in Brazil. The Crop Progress report this afternoon showed the winter wheat condition at 32 % G/E which is a 2% increase from last week.
What to watch: Monitor weather in South America and global equities.
December Corn: The trading range was 10 cents. The market closed down 1 cent at $6.57. The support for December Corn sits at 6.52 and resistance is at $6.71.
January Soybeans: The trading range was 21 cents. The January contract closed down 9 cents at $14.40. Support is at $14.20 and resistance is up at $14.69.
December Wheat: The trading range was 24 cents. The Chicago market closed up 5 cents, Minneapolis was up 17 cents and KC was up 13 cents on the day. The support for Chicago wheat is at $7.95 and resistance is at $8.64.
Outside markets: The US dollar index at this hour is up .54 points, crude oil is down $3.79 per barrel at $85.16, the Dow was down 211 points and gold is up $5 an ounce.
Livestock futures: Trading was higher today. At this time, December Hogs were up 52 cents at $84.87, December Cattle were up 5 cents at $151.57 and January Feeders were up 87 cents at $179.45.
We will have our next update by 6 am tomorrow morning. Have a great night.