DTN Midday Grain Comments 11/08 10:52

DTN Midday Grain Comments 11/08 10:52 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 9 to 11 cents higher at midday Wednesday; soybean futures are 16 to 18 cents higher; wheat futures are 13 to 26 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 9 to 11 cents higher at midday Wednesday; soybean futures are 16 to 18 cents higher; wheat futures are 13 to 26 cents higher. The U.S. stock market is softer with the S&P 2 points lower. The U.S. Dollar Index is narrowly mixed. Interest rate products are firmer. Energies are sharply lower with crude off 1.50 and natural gas off .01. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 10.00. CORN: Corn futures are 9 to 11 cents higher at midday with trade following soybeans higher. Spread action is firmer so far with more position-squaring expected ahead of the USDA report Thursday. The weekly ethanol report was delayed due to tech issues with unleaded sinking to narrow margins on firmer corn. On the report, trade is looking for yield at 173.4 bushels per acre (bpa) for a domestic carryout of 2.144 billion bushels (bb), both up slightly from last month. Basis should remain steady to a little better with harvest on the homestretch. South America continues to see the same weather pattern as recent days with little change expected until later in the month for now. The daily wire export wire reported 270,000 metric tons (mt) of corn sold to Mexico. On the December chart, the 20-day moving average at $4.84 is nearby resistance with the $4.67 September low as support held on the overnight weakness. SOYBEANS: Soybean futures are 16 to 18 cents higher at midday with trade pushing to fresh highs again with firmer spread action and meal leading the product side of the complex. Meal is 15.50 to 16.50 higher and oil is 10 to 20 points higher with the short squeeze in meal continuing. The daily export wire reported a bunch of action with 433,000 mt sold to China and 467,500 mt to unknown destinations. On Thursday's USDA report, trade is looking for yield at 49.6 bpa and carryout at 225 million bushels (mb), both flat to slightly higher than last month. South America continues to have concerns in Brazil with short-term dryness exiting trade, while Argentina improves. The January soybean chart has support at the 20-day moving average at $13.19, with the fresh high at $13.82 the next level of resistance. WHEAT: Wheat futures are 13 to 26 cents higher with active short-covering picking up during the day session with winter wheats leading the charge. On the report, trade is looking for carryout at 670 mb, unchanged from last month, with world stocks slightly lower. 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 emergence wraps up. World weather has shown little change in recent days along with limited reaction to world events. Matif wheat is sharply higher at midday with the dollar remaining off the highs. On the KC December chart, support is at the fresh low at $6.25 1/2 with the 20-day moving average at $6.55 as resistance, which we are testing at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.