DTN Midday Grain Comments 11/16 11:01

DTN Midday Grain Comments 11/16 11:01 Corn, Wheat Lower at Midday; Soybeans Higher Corn futures are 5 to 6 cents lower at midday; soybean futures are 1 to 2 cents higher; wheat futures are 11 to 19 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow up 210 points. The U.S. Dollar Index is 35 points higher. Interest rate products are mixed. Energies are mixed with crude down .10. Livestock trade is firmer with hogs leading. Precious metals are weaker with gold down 9.00. CORN: Corn futures are 5 to 6 cents lower at midday with range-bound action ongoing. There is spillover pressure from wheat and little fresh news outside of another 270,000 metric tons (mt) sold to Mexico. Ethanol margins will continue to support near-term production with more stocks builds needed to slow production from near-record levels with holiday driving demand coming quickly. Basis should remain steady to firmer short term as harvest pressure is easing as more producers wrap up with more of a focus shifting to fall fieldwork as producers try for a good fall NH3 run. Harvest progress is in the final stages at 91% harvested vs. 86% on average. On the December contract we have resistance at the recent high of $5.83, with the upper Bollinger band at $5.85, and the 20-day moving average as support at $5.59, which we are solidly above. SOYBEANS: Soybean futures are 1 to 2 cents higher at midday with the meal rally cooling off and oil retaking the lead at midday. Another 161,000 mt hit the daily wire Tuesday as sold to unknown destinations. Meal is $2.00 to $3.00 lower and oil is 125 to 135 points higher. South America looks to continue short-term progress with issues remaining limited for now. The monthly crush report showed crush 2 million bushels (mb) higher than expected at just short of 184 mb with larger-than-expected oil stocks as well. Harvest was rated 92% complete vs. 93% on average. On the January soybean chart, support is the 20-day at $12.36 which we have consolidated above with the $12.66 fall high as the next round up from there with further support at the lower Bollinger band at $11.99. WHEAT: Wheat futures are 11 to 19 cents lower at midday with spring wheat remaining the downside leader after the Monday washout. Winter wheats struggle to hold the upper end of the range with Australian harvest set to expand and traders still watching for further direction from Russia on exports. The dollar is just below 96, scoring fresh highs again. Plains weather looks little changed short term. Conditions slightly improved at 46% good to excellent on the weekly crop progress report and 20% poor to very poor, with 94% planted, same as average, and 84% emerged vs. 83% on average. Spring wheat is weaker vs. Chicago, holding the premium at $1.94, with KC at an 8-cent premium in weaker action. KC December chart support is at the 20-day moving average at $7.94 with resistance at the upper Bollinger band at $8.41 with the fresh high at $8.43 1/2. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.