DTN Midday Grain Comments 11/02 10:53

DTN Midday Grain Comments 11/02 10:53 Corn Futures Lower at Midday; Soybeans, Wheat Higher Corn futures are 2 to 3 cents lower at midday Thursday; soybean futures are 9 to 10 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 Thursday; soybean futures are 9 to 10 cents higher; wheat futures are 1 to 6 cents higher. The U.S. stock market is firmer with the S&P 60 higher. The U.S. Dollar Index is 70 points lower. Interest rate products are firmer. Energies are mixed with crude up .60 and natural gas off .03. Livestock trade is sharply higher. Precious metals are mixed with gold up 4.00. CORN: Corn trade is 2 to 3 cents lower at midday in quiet trade with action holding at the lower end of the range with little other fresh news. Ethanol margins are steady in the short term with rangebound action. 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 localized on excess rain in South Brazil. Weekly export corn sales were OK at 748,100 metric tons (mt) of old crop and 12,700 mt of new. On the December chart, the 20-day moving average at $4.87 is nearby resistance with the $4.71 lower Bollinger Band as key support, which we tested Wednesday. SOYBEANS: Soybean futures are 9 to 10 cents higher at midday with trade pushing back toward the next resistance levels with firmer spreads but soft product action. Meal is 1.00 to 2.00 lower and oil is 5 to 15 points lower. Weekly export soybean sales were lackluster at 1.01 million metric tons (mmt), 86,400 of meal, and 1,900 of oil. South America should continue to press forward with planting with excessive rains in Southern Brazil the biggest immediate concern; the more important time frame does not start 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 $13.07, that we remain above, with the Upper Bollinger Band at $13.38 as resistance. WHEAT: Wheat futures are 1 to 6 cents higher at midday with trade trying to follow through on the better action Wednesday with oversold conditions starting to ease. 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 overall with world events taking a back seat for now. Matif wheat is slightly higher at midday with the dollar fading sharply after the Fed statement Wednesday. Weekly export sales remain fairly soft at 275,600 mt. On the KC December chart, support is at the fresh low of $6.25 1/2 with the 20-day moving average at $6.61 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.