Morning Calls & Comments (11/23)

Corn: Steady to 1 cent higher.

Soybeans: 4 to 5 cents lower.

Wheat: HRW and SRW wheat 5 to 6 cents lower, spring wheat steady to 1 cent lower.

Cattle: Steady-firm

Hogs: Steady-mixed

SRW wheat futures extended this week’s drop near three-month lows overnight, while soybeans also fell as surging Covid cases in China fueled concern over demand. Corn futures firmed slightly. Malaysian palm oil futures gained 2.5% amid expectations for strong exports, while front-month crude oil was down nearly $3. U.S. stock index futures signal a weaker open, while the U.S. dollar index is down over 300 points.

Grain and livestock markets will trade normal hours today. Markets and government offices are closed on Thursday for Thanksgiving. As a result, there will be no market updates tomorrow. On Friday, markets are open for an abbreviated trading session from 8:30 a.m. to 12:05 p.m. CT.