DTN Midday Grain Comments 11/03 10:59

DTN Midday Grain Comments 11/03 10:59 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: The U.S. stock market is firmer with the S&P 38 higher at midday Friday. The dollar index is 95 points lower. Interest rate products are firmer. Energies are mixed with crude off.50 and natural gas up .03. Livestock trade is mostly lower. Precious metals are firmer with gold up 8. CORN: Corn trade is 8 to 9 cents with trade of the September lows spread action turning firmer and short covering picking up with support from soybeans. Ethanol margins will remain range bound into the weekend with unleaded and corn at the low end but the corn strength will narrow it a bit if sustained. Basis should remain steady to a little better with harvest pace likely strong towards the end of the week. South America should see little weather excitement in the coming days with concerns remaining localized to excess rain in South Brazil currently. The daily wire remained quiet today. On the December chart, the 20-day at $4.87 is near resistance with the $4.67 September low as support held on the overnight weakness. SOYBEANS: Soybean trade is 15 to 17 cents higher at midday with trade pressing further into resistance levels with meal leading the product action. Meal is 5.50 to 6.50 higher, and oil is 10 to 20 points lower but mostly holding the reversal from yesterday. The daily wire showed 131,150 metric tons sold to unknown. South America should continue to press forward with planting with excessive rains in Southern Brazil the biggest immediate concern with the more important time frame not starting until the end of the month overall. The January soybean chart has support at the $12.75 lower Bollinger Band with the 20-day at $13.07 that we remain above, with the Upper Bollinger Band at $13.41 as resistance that we are at just above at midday. WHEAT: Wheat trade is 2 to 7 cents with trade still working to sustain short covering after firming back from fresh lows at midweek with the weaker dollar adding a bit of support as KC looks for three positive days in a row for the first time in over a month. The plains should warm back to seasonal temps later in the week with recent moisture-boosting stands as we head towards 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 firmer at midday with the dollar now solidly off the top of the range. On the KC December chart, support is at the fresh low oof $6.25 1/2 with the 20-day moving average at $6.60 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.