Recap for November 9
- Corn futures declined Thursday after the US Department of Agriculture raised its forecast for the US 2023 corn crop to a record-high 15,234 million bus, up from 15,064 million in October based on an average yield at 174.9 bus per acre. Soybean futures dropped sharply after the USDA in its monthly World Agricultural Supply and Demand Estimates report raised its forecast for US soybean carryover in 2024 to 245 million bus. The government estimated the soybean crop at 4,129 million bus, up from 4,104 million in October, based on an average yield of 49.9 bus per acre. Wheat futures extended losses as the US dollar strengthened and the WASDE indicated larger global supplies, decreased domestic use and higher ending stocks. December corn futures fell 8¢ to close at $4.68 per bu. Chicago December wheat fell 11½¢ to close at $5.80¾ per bu. Kansas City December wheat dropped 7¾¢ to close at $6.47¼ per bu. Minneapolis December wheat fell 1¢ to close at $7.34½ per bu. November soybeans fell 21¼¢ to close at $13.27¾ per bu. December soybean meal edged up 10¢ to close at $449.90 per ton, but all subsequent futures were lower by about $3 to $5 a ton. December soybean oil rose 0.50¢ to close at 50.45¢ a lb.
- The stock market wavered between gains and losses Thursday but closed lower after a government sale of $24 billion in long-term debt drew fewer buyers than anticipated, spurring benchmark 10-year yields, which offer practically risk-free returns, to tick higher to 4.629%. The Dow Jones Industrial Average fell 220.33 points, or 0.65%, to close at 33,891.94. The Standard & Poor’s 500 dropped 35.43 points, or 0.81%, to close at 4,347.35. The Nasdaq Composite