DTN Midday Grain Comments 11/10 12:02

DTN Midday Grain Comments 11/10 12:02 Corn, Soybeans and Wheat Lower at Midday Corn trade is 5 cents to 6 cents lower; beans are 1 cents to 3 cents lower and wheat trade is flat to 4 cents lower at midday Friday. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P 25 points higher. The dollar index is 5 higher. Interest rate products are firmer. Energies are mixed with crude up 1.15 and natural gas off .01. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 27. CORN: Corn trade is 5 cents to 6 cents lower at midday Friday, fading just into fresh lows with light pressure continuing after the post-report fade yesterday. Ethanol margins remain sideways with corn and unleaded at the lower ends of the ranges. On the report, yield rose to 174.9 from 173.0 bushels per acre (bpa) last month with carryout rising slightly from 2.111 billion bushels to 2.156 billion, and world stocks from 312.4 million metric tons to 315.0. Basis should remain steady for the most part short-term. 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 with the observance of Veteran's Day. On the December chart, the 20-day average at $4.83 is nearby resistance with the $4.61 1/2 fresh low as support, then the lower Bollinger Band at $4.60 3/4. SOYBEANS: Soybean trade is 1 cent to 3 cents lower at midday with trade working to consolidate after the post-report pullback with little change to the weather pattern short-term in South America and product action remaining mixed. Meal is 1.00 to 2.00 lower and oil is 105 to 115 points higher. No fresh export sales were reported during the federal holiday. On the report, yield rose from 49.6 BPA to 49.9 with carryout rising to 245 million bushels from 220, and world stocks, declining slightly from 115.6 million metric tons to 114.5. The January soybean chart has support at the 20-day at $13.27, with the fresh high at $13.82 the next level of resistance. WHEAT: Wheat trade is flat to 4 cents lower with trade continuing to consolidate just off the lower end of the range with an uneventful report day and little other fresh news this morning. According to the report, carryout rose from 670 million bushels to 684, with world stocks rising from 258.1 million metric tons to 258.6 million. 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 with the northern hemisphere in good shape generally so far. Matif wheat is slightly weaker at midday, with the dollar back to the middle of the range. On the KC December chart, support is at the fresh low of $6.25 1/2 with the 20-day moving average at $6.53 as resistance that we faded back from midweek. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.