DTN Midday Grain Comments 11/16 10:49

DTN Midday Grain Comments 11/16 10:49 Corn Mixed with Beans, Wheat Down at Midday Corn trade is narrowly mixed. Beans are 24 to 26 cents lower and wheat trade is 1 to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the S&P 15 points lower. The dollar index is 15 lower. Interest rate products are firmer. Energies are sharply lower with crude down $3.20 and natural gas off $0.11. Livestock trade is weaker with cattle being the downside leader. Precious metals are mixed with gold up $23. CORN: Corn trade is narrowly mixed with broad risk-off action adding pressure across the ag complex this morning with corn firming back a little towards midday. Basis should remain steady for the most part short term with some improvement likely where harvest has wrapped up. The daily wire was quiet today with weekly sales strong at 1.808 million metric tons. 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 into next week. On the December chart, the 20-day at $4.77 is nearby resistance which we faded overnight with the $4.61 1/2 fresh low as support, then the lower Bollinger Band at $4.63 just above that. SOYBEANS: Soybean trade is 24 to 26 cents lower at midday with trade seeing long liquidation, little change to weather expectations short term with rain into the drier areas in a few days, and broad product weakness with the risk-off tilt this morning. Meal was $13 to $14 lower and oil is 60 to 70 points lower. The daily wire saw 220,000 metric tons (mt) sold to unknown with weekly sales a marketing year high at 3.918 mmt of beans, 144,800 of meal and 3,400 of oil, and basis should remain flat to a little firmer with the strength in crush as the monthly report shows October at an all-time high and soy oil stocks lower than expected. The January soybean chart has support at the 20-day at $13.40, with the fresh high at $13.98 1/2 the next level of resistance. WHEAT: Wheat trade is 1 to 7 cents lower with KC and Minneapolis continuing to lead action with firmer intramonth spreads as well while row crop weakness limits upside. 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. Weekly export sales were still soft at 176,300 mt. 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.