DTN Midday Grain Comments 11/01 10:47

DTN Midday Grain Comments 11/01 10:47 Corn Futures Lower at Midday; Soybeans, Wheat Higher Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 5 to 7 cents higher; wheat futures are 1 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 5 to 7 cents higher; wheat futures are 1 to 6 cents higher. The U.S. stock market is firmer with the S&P 20 higher. The U.S. Dollar Index is 15 points higher. Interest rate products are firmer. Energies are mixed with crude up 1.40 and natural gas up .03. Livestock trade is mostly higher. Precious metals are mixed with gold off 1.00. CORN: Corn futures are 2 to 3 cents lower with trade continuing to grind along the lower end of the range with little market-moving news into November. The ethanol margins should see little change nearby with the weekly report showing production 12,000 barrels per day (bpd) higher, with stocks being drawn down by 386,000 bpd. Basis should remain steady to a little better with harvest pace likely strong toward the end of the week. South America should see little weather excitement in the coming days with concerns about localized excess rain in south Brazil. On the December chart the 20-day moving average at $4.88 is nearby resistance with the $4.74 lower Bollinger Band key support which we tested Wednesday morning. SOYBEANS: Soybean futures are 5 to 7 cents higher with trade still working to consolidate above support on the January contract with product action remaining mixed as the meal short squeeze continues to ease. Meal is 2.50 to 3.50 lower and oil is narrowly mixed. South America should continue to press forward with planting with excessive rains in southern Brazil the biggest immediate concern; the more important time frame is not until the end of the month. The January soybean chart has support at the $12.75 lower Bollinger Band with the 20-day moving average at $13.05, that we remain just above, with the Upper Bollinger Band at $13.35 as resistance. WHEAT: Wheat futures are 1 to 6 cents higher at midday with light short-covering to start the new month after the washout to new lows Tuesday with KC action leading so far. The Plains should warm back to seasonal temps later in the week with recent moisture boosting stands as we head toward dormancy later in the month. World weather continues to be a bit mixed with other events still failing to move the needle as bushels continue to flow out of the Black Sea area. Matif wheat is slightly firmer Wednesday morning while the strong dollar will continue to limit upside. On the KC December chart, support is at the fresh low at $6.25 1/2 with the 20-day moving average at $6.64 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.