DTN Midday Grain Comments 11/07 10:49

DTN Midday Grain Comments 11/07 10:49 Corn and Wheat Lower, Beans Higher at Midday Corn trade is 5 to 6 cents lower, beans are 3 to 5 cents higher and wheat trade is 1 to 12 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P 15 points higher at midday Tuesday. The dollar index is 38 points higher. Interest-rate products are firmer. Energies are sharply lower with crude off 2.50 and natural gas off .10. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 18. CORN: Corn trade is 5 to 6 cents lower with firmer spread action as trade fades back from early two-sided action as fresh news remains in short supply early in the week. Ethanol margins should see little change with corn and unleaded both under pressure to start the day at the lower end of their ranges. Basis should remain steady to a little better with harvest on the home stretch. South America continues to see the same weather pattern as recent days with rains concentrated to the south of Brazil. The daily wire was quiet after the sale on Monday. The weekly report showed harvest progress at 81% versus 77% on average. On the December chart, the 20-day average at $4.84 is nearby resistance with the $4.67 September low as support held on the overnight weakness. SOYBEANS: Soybean trade is 3 to 5 cents higher at midday with early losses giving way to a fresh high with firmer spread action before backing off with corn and wheat. Meal is 15 to 16 higher and oil is 115 to 130 points lower with the short squeeze in meal returning. The daily wire saw 110,000 metric tons sold to China. Weekly crop progress showed harvest 91% versus 86% on average. South America continues to have concerns linger in Brazil with the mix of too much and not enough rain helping to support the recent rally. The January soybean chart has support at the $12.75 lower Bollinger Band with the 20-day at $13.19 that we remain above, with the fresh high at $13.80 the next level of resistance. WHEAT: Wheat trade is 1 to 12 cents lower at midday with the early session turn higher quickly fading again with Minneapolis and Chicago gaining sharply against KC in spread action. The plains should warm back to seasonal temps later in the week with stands likely a bit mixed as it dries back out short term as we head towards dormancy later in the month with crop conditions 3% higher on good to excellent to 50% and 17% poor to very poor, with 90% planted vs. 89% on average and 75% emerged vs. 73% on average. World weather has shown little change in recent days along with limited reaction to world events. Matif wheat is a bit higher today with the dollar adding to headwinds coming off the lows. On the KC December Chart, support is at a fresh low at $6.25 1/2 with the 20-day moving average at $6.56 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.