DTN Midday Grain Comments 11/13 10:45

DTN Midday Grain Comments 11/13 10:45 Soybean Futures Up Double Digits at Midday Corn trade is 7 to 8 cents higher; beans are 27 to 29 cents higher and wheat trade is flat to 4 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 7 to 8 cents higher; beans are 27 to 29 cents higher and wheat trade is flat to 4 cents lower. The U.S. stock market is mixed with the S&P 2 points lower. The U.S. Dollar Index is 0.18 lower. Interest rate products are firmer. Energies are firmer with crude up $0.90 and natural gas up $0.10. Livestock trade is firmer. Precious metals are mixed with gold up $9.00. CORN: Corn trade is 7 to 8 cents higher at midday Monday with day session gains as corn follows soybeans higher, with little other fresh news to start the week, along with mixed spread action. Ethanol margins remain sideways with corn and unleaded at the lower ends of the ranges. Basis should remain steady in the short term for the most part, with some improvement likely where harvest is wrapped up. South America continues to see the same weather pattern as in recent days, with little change expected until later in the month for now. The daily wire saw 143,367 metric tons with weekly export inspections range bound at 608,810 metric tons, with harvest progress expected near 90% complete. On the December chart the 20-day at $4.79 is nearby resistance with the $4.61 1/2 fresh low as support, then the lower Bollinger Band at $4.58 3/4. SOYBEANS: Soybean trade is 27 to 29 cents higher at midday with strong buying to start the week as short-term weather remains concerning in Brazil with the short squeeze returning in meal. Meal is $20.50 to $21.50 higher and oil is 0.40 cent to 0.60 cent lower. The daily wire saw 204,000 metric tons to China, with export inspections a bit softer at 1.666 million metric tons, and harvest should be near 95% complete. Basis should remain flat to a little firmer with the strength in crush. The January soybean chart has support at the 20-day at $13.30, with the fresh high at $13.82 the next level of resistance. WHEAT: Wheat trade is flat to 4 cents lower at midday with range-bound action continuing with limited spillover support from corn and soybeans so far. The Plains will be warm to start the week before the transition to cooler weather could bring some moisture in the extended forecasts. World weather has shown little change in recent days with the Northern Hemisphere in good shape generally so far. Weekly crop progress should show steady conditions with planting and emergence nearly wrapped up. Weekly export inspections improved slightly at 207,305 metric tons. Matif wheat is slightly firmer, with the dollar in the middle of the recent range. On the KC December Chart, support is at the fresh low of $6.25 1/2 with the 20-day moving average at $6.50 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.