DTN Midday Grain Comments 11/15 10:51

DTN Midday Grain Comments 11/15 10:51 Corn, Beans and Wheat Trade Down at Midday Corn trade is 5 to 6 cents lower. Beans are 8 to 9 cents lower and wheat trade is flat to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P 20 points higher. The dollar index is 16 higher. Interest-rate products are weaker. Energies are mixed with crude down $1.30 and natural gas up $0.15. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold off $1. CORN: Corn trade is 5 to 6 cents lower at midday Wednesday with trade pulling back from the test of nearby resistance overnight with broader selling in grains during the day session. The two weekly ethanol reports showed production continuing to run ahead of a year ago with margins remaining stable. Basis should remain steady for the most part short term with some improvement likely where the harvest is wrapped up. The daily wire saw 124,000 metric tons sold to Japan. Northern Brazil has seen an uptick in concerns about double crop acres with the early-season dryness delaying some soybeans with a stretch of better weather expected about a week out. On the December chart, the 20-day at $4.79 is nearby resistance which we faded from overnight with the $4.61 1/2 fresh low as support, then the lower Bollinger Band at $4.60 3/4. SOYBEANS: Soybean trade is 8 to 9 cents lower at midday with trade pulling back a bit from overnight strength with mixed product action. All eyes are on further weather developments in Brazil with dryness for a few more days in the north, while the south remains excessively wet. Meal is $6.50 to $7.50 lower and oil is flat to 10 points higher. The daily wire was quiet again today and basis should remain flat to a little firmer with the strength in crush with the monthly report released today expected to show growth. The January soybean chart has support at the 20-day at $13.38, with the fresh high at $13.98 1/2 the next level of resistance. WHEAT: Wheat trade is flat to 10 cents lower with early-session gains fading again with KC action leading as the dollar rebounds. Other fresh world news remains limited as we continue to hold above the lower end of the range. The Plains will cool into the weekend with chances of rain for many. World weather has shown little change in recent days with the Northern Hemisphere in good shape generally so far. Matif wheat is weaker, with the dollar solidly off 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 $6.48 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.