US: Soybeans up 11¢. Monday, November 6, 2023

Published Nov 7, 2023

Tridge summary

December corn and January soybeans are both up in the commodities market. USDA announced that China is buying soybeans and Mexico is buying corn for delivery in the future. The lack of rain in Brazil is causing concerns for crop production, and the upcoming WASDE report by USDA is expected to increase the corn yield estimate.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

December corn is up 2¾¢. January soybeans are up 11¢. Al Kluis, managing director of Kluis Commodity Advisors, says to watch today’s close to see if soybeans can settle higher than $13.70. CBOT wheat is up 3¢. KC wheat is up 4¾¢. Minneapolis wheat is up 3½¢. This morning USDA announced China is buying 126,000 metric tons of soybeans for delivery during the 2023/2024 marketing year and Mexico is buying 289,575 metric tons of corn for delivery during the 2023/2024 marketing year. Jeremy McCann, account manager for Farmer’s Keeper, says needed rains in Brazil did not materialize as expected this weekend. “Brazil is very dry and it’s forecasted to stay that way for the foreseeable future which will likely cause soybeans to continue to rally,” he says. “If the lack of moisture is prolonged it will undoubtedly affect Brazil’s corn crop as well. Brazilian weather and this week’s reports are the stories to keep an eye on.” On Thursday USDA is releasing the monthly World Agricultural ...

Source: UkrAgroConsult