DTN Midday Grain Comments 11/14 10:53

DTN Midday Grain Comments 11/14 10:53 Corn, Beans and Wheat Up and Down at Midday Corn trade is narrowly mixed. Beans are 2 cents to 3 cents lower and wheat trade is flat to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is sharply higher with the S&P 90 points higher. The dollar index is 140 lower. Interest rate products are firmer. Energies are mixed with crude up $0.90 and natural gas off $0.05. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold up $18. CORN: Corn trade is narrowly mixed with some light two-sided action as trade presses to nearby resistance levels and consolidates the beginning-of-the week gains. Ethanol margins remain sideways with driving demand soft so far this month. Basis should remain steady for the most part short-term with some improvement likely where harvest is wrapped up. The daily wire saw 101,745 metric tons sold to Mexico, with harvest progress 88% complete vs. 86% on average. Northern Brazil has seen an uptick in concerns about double crop acres with the early season dryness delaying some soybeans. On the December chart the 20-day at $4.79 is nearby resistance which we just below at midday with the $4.61 1/2 fresh low as support, then the lower Bollinger Band at $4.60 3/4. SOYBEANS: Soybean trade is 2 cents to 3 cents lower at midday with trade working to firm back through the day sessions trade off by 14 cents earlier in the session with oil taking the lead on the product side as the short squeeze in meal eases. Meal is $4.50 to $5.50 lower and oil is 125 to 145 points higher. South American weather looks to remain in the same pattern with some relief possible the second week. The daily wire was quiet after the beginning of week sales, and harvest was 95% complete vs. 91% on average. Basis should remain flat to a little firmer with the strength in crush. The January soybean chart has support at the 20-day average at $13.34, with the fresh high at $13.86 the next level of resistance. WHEAT: Wheat trade is flat to 8 cents higher with wheat trying to build on the recent firmer action with the cheaper dollar adding support as spring wheat action leads. The Plains will be warm to start the week before the transition to cooler temps may 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 showed planting at 93%, same as average, with 81% emerged vs. 80% on average, with good to excellent off 3% to 47% good to excellent, and 17% poor to very poor. Matif wheat is slightly weaker, with the dollar fading to multi-week lows. 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.