DTN Midday Grain Comments 11/17 10:46

DTN Midday Grain Comments 11/17 10:46 Corn Mixed with Beans, Wheat Down at Midday Corn trade is 6 to 7 cents lower. Beans are 18 to 20 cents lower and wheat trade is 4 to 13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the S&P 5 points lower. The dollar index is 30 lower. Interest rate products are mixed. Energies are mixed with crude up $2.20 and natural gas off $0.15. Livestock trade is mixed with cattle the upside leader. Precious metals are mixed with gold off $1.50. CORN: Corn trade is 6 to 7 cents lower at midday Friday with trade again fading back from nearby resistance to settle into the lower end of the range with spread action improving slightly. Ethanol margins remain range-bound with unleaded still near the lows to limit blender upside. Basis should remain steady for the most part short-term with most users getting ready to roll to the March contract soon. The daily wire was quiet to end the week. 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 average at $4.76 is nearby resistance which we faded from overnight with the $4.61 1/2 fresh low as support, then the lower Bollinger Band at $4.64 just above that. SOYBEANS: Soybean trade is 18 to 20 cents lower at midday with selling continuing as longs take profits ahead of the expected short-term improvement in Brazil weather along with the meal squeeze continuing to fade. Meal is $9 to $10 lower and oil is 30 to 40 points higher. The daily wire was quiet to end the week with flat basis action as crush margins narrow a bit with meal fading and oil struggling to extend rallies still. The extended forecast in Brazil will get more attention coming out the weekend as short-term relief is balanced with the long-term outlook. The January soybean chart has support at the 20-day at $13.41 which we have tested this morning, with the fresh high at $13.98 1/2 the next level of resistance. WHEAT: Wheat trade is 4 to 13 cents lower at midday with action fading back into fresh lows for KC action with Chicago retaking the lead as intra-month and intra-contract spreads unwind further from early week strength. The Plains will cool into the weekend with chances of rain for many, mostly in the eastern growing areas. 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 edging back to the lower end of the range. On the KC December Chart, support is at the fresh low of $6.13 3/4 with the 20-day moving average at $6.43 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.