Grain prices were mixed but mostly lower in Thursday’s session, which featured plenty of technical selling. Kansas City HRW contracts were the lone exception, testing very modest gains of only 0.1%. In contrast, corn fell 1.25%, while soybeans spilled 1% lower. Other wheat contracts closed with losses of around 0.5% to 0.75%.
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The corridor just west of the Mississippi River is likely to see 1” to 2” or more additional rains between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. More seasonally wet weather is possible for the western Corn Belt and the Plains between November 10 and November 16, per NOAA’s new 8-to-14-day outlook. Cooler-than-normal conditions are likely for the western half of the country during that time. On Wall St., the Dow eased 11 points lower in afternoon trading to 32,136 as investors remain focused on the latest inflation and interest rate trends. Energy futures were mixed. Crude oil sank 1.75% lower this afternoon to $88 per barrel. Gasoline slid slightly lower, while diesel jumped more than 5% higher. The U.S. Dollar firmed considerably. On Wednesday, commodity funds were net buyers of soybeans (+3,000) and soyoil (+6,000) contracts but were net sellers of corn (-8,000), soymeal (-1,000) and CBOT wheat (-20,000). Corn prices faded 1.25% lower ...
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