DTN Midday Grain Comments 11/06 11:01

DTN Midday Grain Comments 11/06 11:01 Soybean, Wheat Futures Higher at Midday; Corn Mixed Corn futures are narrowly mixed at midday Monday; soybean futures are 13 to 15 cents higher; wheat futures are 1 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 13 to 15 cents higher; wheat futures are 1 to 5 cents higher. The U.S. stock market is firmer with the S&P 5 points higher. The U.S. Dollar Index is flat. Interest rate products are weaker. Energies are mixed with crude up 1.00 and natural gas off .24. Livestock trade is mixed with cattle the downside leader. Precious metals are mixed with gold off 11.00. CORN: Corn futures are narrowly mixed in quiet action to start the week with flat-to-soft spread action as we work back to the middle of the recent range. Ethanol margins look to remain stable with firmer unleaded to boost blending margins to start the week. Basis should remain steady to a little better with harvest on the homestretch. South America should see little weather excitement in the coming days with concerns remaining localized to excess rain in South Brazil currently. The daily export wire showed life with Mexico securing 289,275 metric tons (mt) of corn. Weekly export inspections were in line with recent weeks at 535,191 metric tons (mt), with harvest progress past 80% on the weekly report. On the December chart, the 20-day moving average at $4.85 is nearby resistance with the $4.67 September low as support, which held on the overnight weakness. SOYBEANS: Soybean futures are 13 to 15 cents higher at midday with spread action flat. We are getting more overbought as we press into further resistance nearby with oil leading products and early weather concerns in South America persisting. Meal is 8.50 to 9.50 lower and oil is 200 to 210 points higher with broader short-covering. The daily export wire saw 126,000 mt sold to China. Weekly export inspections edged higher at 2.085 million metric tons (mmt). Weekly crop progress is expected to show harvest past 90% complete. South America should continue to press forward with planting with excessive rains in Southern Brazil the biggest immediate concerns with the more important time frame not starting 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 $13.15, which we remain above, and the Upper Bollinger Band at $13.55 as resistance, which we are above at midday. WHEAT: Wheat futures are 1 to 5 cents higher at midday with light buying returning as we continue to see some light short-covering with little fresh news. The Plains should warm back to seasonal temps later in the week with stands likely a bit mixed as it dries back out in the short term as we head toward dormancy later in the month. Crop conditions are likely improved this week with planting and emergence near the 5-year averages. World weather and other global affairs have shown little change to the market. Matif wheat is weaker to start along with the flat dollar. Weekly export inspections were poor at 71,068 mt. On the KC December chart, support is at the fresh low at $6.25 1/2 with the 20-day moving average at $6.57 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.