DTN Midday Grain Comments 11/09 10:45

DTN Midday Grain Comments 11/09 10:45 Corn, Soybeans and Wheat Lower at Midday Corn trade is 5 to 6 cents lower; beans are 7 to 9 cents lower and wheat trade is 6 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P 2 points higher. The dollar index is 10 lower. Interest-rate products are weaker. Energies are mixed with crude up 1 and natural gas off .07. Livestock trade is mixed with cattle sharply lower. Precious metals are firmer with gold up 10. CORN: Corn trade is 5 to 6 cents lower in pre-report action with flat to softer spread trade action back towards the lows. Ethanol margins remain sideways with the weekly report delayed until next week. On the report, trade is looking for yield at 173.4 bpa for a domestic carryout of 2.144 billion, both up slightly from last month. 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 little change expected until later in the month for now. The daily wire was quiet today with weekly sales still improving at 1.105 million metric tons. On the December chart, the 20-day at $4.83 is nearby resistance with the $4.67 September low as support held on the overnight weakness. SOYBEANS: Soybean trade is 7 to 9 cents lower at midday with trade seeing profit ahead of the report with the recent strength despite more large export sales announcements. Meal is 2.00 to 3.00 lower and oil is 70 to 80 points higher. The daily wire saw a bunch of action today with 1.04 million metric tons sold to China, and 662,500 to unknown with weekly sales ok at 1.08 million metric tons of beans, meal at 193,500, and oil at 2,600. On the report, trade is looking for yield at 49.6 BPA, and carryout at 225 million, both flat to slightly higher from last month. South America continues to have concerns linger in Brazil with short-term dryness exiting trade, while Argentina improves. The January soybean chart has support at the 20-day at $13.26, with the fresh high at $13.82 the next level of resistance. WHEAT: Wheat trade is 6 to 14 cents lower at midday with trade fading back after the ship missile strike in Ukraine's Odesa helped to encourage short covering yesterday with little other fresh news heading towards the report. On the report, trade is looking for carryout at 670 million bushels, 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 short term as emergence wraps up. World weather has shown little change in recent days. Matif wheat is weaker overnight, with the dollar back to the middle of the range. Weekly export sales were slightly improved at 354,300 metric tons. On the KC December Chart, support is at a fresh low at $6.25 1/2 with the 20-day moving average at $6.54 as resistance that we faded back from overnight. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.