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Soybeans end day up 20¢, wheat still low | Monday, November 28, 2022

At the close, corn is quietly down less than a penny and soybeans are up 20¢. 

CBOT wheat is down 17¢. KC wheat is down 18¢. Minneapolis wheat is down 10¢. 

Live cattle are down 50¢. Lean hogs are down $3.43. Feeder cattle are down $1.40. 

Crude oil is up 84¢ to $77.12 a barrel. Kluis Commodity Advisors says this is near a short-term low and it is a good time to buy. 

The S&P 500 is down 65 points. The Dow is down 454 points. 

Wheat hits 3-month low at midday: 11:26 a.m. 

Corn is currently down 3¢ and soybeans are up 9¢. 

CBOT wheat is down 16¢. KC wheat is down 14¢. Minneapolis wheat is down 9¢. 

Nick Tsiolis, founder of Farmer's Keeper, says wheat inspections were below expectations this week. 

He also says "despite disappointing wheat conditions domestically, Russia is sitting on a record wheat crop that's incentivizing them to cooperate with the grain deal."

Reuters reports concerns over the Chinese protests over the government's zero-COVID policy are also driving down prices. 

Live cattle are down 63¢. Lean hogs are down $2.38. Feeder cattle are down $1.03. 

The S&P 500 is down 38 points. The Dow is down 259 points. 

Grain prices start week down: 9:05 a.m. 

This morning, March corn futures are down 5¢. January soybeans are down 7¢. 

CBOT wheat is down 13¢. KC wheat is down 6¢. Minneapolis wheat is up 4¢. 

Al Kluis with Kluis Commodity Advisors says COVID cases are on the rise in China and this is seen as bad news for energy and grain markets. 

Protests broke out last week against China's zero-COVID policy after 10 people died in an apartment fire in the city of Urumqi, Reuters reports. It is speculated that COVID lockdowns prevented people from getting out, but authorities deny the claim. Police are now present and searching people at protest sites in Shanghai and Beijing. 

Live cattle are down 30¢ this morning. Lean hogs are down $1.88. Feeder cattle are up 13¢. 

Crude oil is down $1.48 to less than $75 a barrel. 

The U.S. Dollar Index is down to 105.8. 

Outside the U.S., milling wheat is down on the European MATIF trade. Corn and soybeans are up on the Chinese Dalian trade. 

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