DTN Midday Grain Comments     11/20 11:03

   Corn, Wheat Futures Higher at Midday; Soybeans Lower

   Corn futures are 1 to 3 cents higher at midday Wednesday; soybean futures 
are 7 to 8 cents lower; wheat futures are 3 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

 

MARKET SUMMARY:

   Corn futures are 1 to 3 cents higher at midday Wednesday; soybean futures 
are 7 to 8 cents lower; wheat futures are 3 to 5 cents higher. The U.S. stock 
market is weaker at midday with the S&P 45 points lower. The U.S. Dollar Index 
is 63 points higher. The interest rate products are weaker. Energy trade is 
mixed with crude up .14 with natural gas up .17. Livestock trade is mixed with 
hogs leading. Precious metals are firmer with gold up 21.50.

CORN:

   Corn futures are 1 to 3 cents higher at midday with action moving up during 
the day session with firmer overall spread action. The weekly ethanol report 
showed production off 3,000 barrels per day (bpd) from the recent highs with 
stocks 500,000 barrels higher as we build ahead of Thanksgiving. Colder weather 
will limit fall fieldwork progress after the recent rains. Weekly export sales 
are expected to be in the 750,000 to 950,000 metric ton (mt) range Thursday. 
Basis action will likely remain flat until March becomes front-month. On the 
December chart, the 20-day moving average at $4.21 is support with the recent 
high at $4.34 3/4 as resistance.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday with trade failing again to 
hold the $10.00 area on the January contract with product action soft and few 
weather worries for South America to entice buyers. Meal is flat to 1.00 higher 
and oil is 115 to 125 points lower. South America is heading toward the key 
season for crop development in generally good shape. The daily export wire saw 
some action with 226,200 mt sold to unknown and 202,000 mt sold to China. 
Weekly sales are expected to be in the 1.0 million metric tons (mmt) to 1.25 
mmt range. Basis is expected to remain flat to firmer short term. On the 
January chart, trade has resistance at the 20-day at $10.02, which we , failed 
to hold Tuesday, with the Lower Bollinger Band at $9.75 as support.

WHEAT:

   Wheat futures are 3 to 5 cents higher at midday with trade back to nearby 
resistance after mixed early action and the dollar still limiting the upside 
short term. The Plains are expected to trend colder with slightly above average 
precipitation expected through the end of the month. MATIF wheat is pushing 
back toward the upper end of the range. Weekly export sales are expected to be 
in the 200,000 to 300,000 mt range Thursday. On the KC December chart, support 
is the fresh low at $5.31 1/2 and resistance the 20-day moving average at 
$5.62, which we are just below.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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