Grain prices were mostly in the red on Thursday (soyoil was spared) after a round of technical selling and profit-taking today. Soybeans saw the biggest cuts after spilling 2% lower today. Corn prices were down 1.75%, with most wheat contracts trending 0.5% to 0.75% lower.
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More rain in snow is possible in the central U.S. later this week. The eastern Corn Belt (Ohio and Pennsylvania, in particular) are likely to see the largest amounts between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts a return for seasonally dry weather for the central U.S. between November 17 and November 23, with cooler-than-normal conditions likely for most of the country during this time. On Wall St., the Dow surged 1,037 points higher in afternoon trading to 33,551 on hopeful data from the October consumer price index, which showed a 7.7% annual increase and sliding to the lowest levels since January. Energy futures were mixed. Crude oil firmed 1% to $86 per barrel. Gasoline was also up 1%, while diesel dropped almost 2.5%. The U.S. Dollar cooled considerably, falling 2% in afternoon trading. On Wednesday, commodity funds were net buyers of soybeans (+5,000) and soyoil (+2,500) contracts but were ...
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