DTN Midday Grain Comments 11/20 11:03

DTN Midday Grain Comments 11/20 11:03 Corn and Wheat Down, Beans Higher at Midday Corn trade is 1 to 2 cents lower. Beans are 9 to 11 cents higher and wheat trade is 4 to 5 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 40 lower. Interest-rate products are weaker. Energies are mostly higher with crude up $2.10 and natural gas off $.03. Livestock trade is weaker. Precious metals are mixed with gold off $8.40. CORN: Corn trade is 1 to 2 cents lower with two-sided action so far with trade fading from some of the early strength as we stay in the lower range with trade unable to sustain momentum in either direction. Ethanol margins remain range-bound with short-term usage to tick up for Thanksgiving travel. Basis should remain steady for the most part in the short term with most users getting ready to roll to the March contract ahead of delivery. The daily wire showed 104,000 metric tons (mt) sold to Mexico, with export inspections in line with recent weeks at 553,899 mt. Weekly crop progress should show harvest effectively complete. Northern Brazil should see some short-term improvements with weather into December the next driving factor. On the December chart, the 20-day at $4.75 is nearby resistance which we faded from overnight with the $4.61 1/2 fresh low as SOYBEANS: Soybean trade is 9 to 11 cents higher at midday with broad two-sided trade so far as trade works 20 cents off the early session lows as near-term rains and the Argentina election balance with the extended forecast and good crush margins. Meal is $2.50 to $3.50 lower and oil is 65 to 75 points higher. The daily wire was quiet to start the week with weekly export inspections a little disappointing at 1.609 million metric tons (mmt). Basis should remain flat short-term. With the election results in Argentina, trade will be looking for the elimination -- or at the very least reduction -- of export taxes, along with a more aggressive approach to moving bushels to support dollarization. The January soybean chart has support at the 20-day at $13.41, which we have bounced back above, with the fresh high at $13.98 1/2 the next level of resistance. WHEAT: Wheat trade is 4 to 5 cents lower at midday with trade continuing to drift along the low end of the range with little fresh news to move action as we remain oversold and Southern Hemisphere harvest will start moving forward. The Plains will see cooler weather short-term with some rains working through yesterday and today. The weekly report is expected to show steady conditions with planting and emergence nearly wrapped up. World weather has shown little change in recent days with the Northern Hemisphere in generally good shape so far. Weekly export inspections edged higher at 358,254 mt. Matif wheat is softer to start the week with the dollar edging back to the lower end of the range. On the KC December Chart, support is at the fresh low of $6.10 with the 20-day moving average at $6.40 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.