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DTN Midday Grain Comments 11/21 10:50

21 Nov 2023
DTN Midday Grain Comments 11/21 10:50 Corn, Beans and Wheat Higher at Midday Tuesday Corn trade is 1 to 2 cents higher at midday Tuesday. Beans are 3 to 4 cents higher and wheat trade is 6 to 8 cents higher. 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 narrowly mixed. Interest rate products are firmer. Energies are mixed with crude off $0.65 and natural gas up $0.03. Livestock trade is mostly lower. Precious metals are mostly higher with gold up $24. CORN: Corn trade is 1 to 2 cents higher at midday with soft spread action as corn tried to hold gains with soybeans spillover support fading a bit. Ethanol margins remain rangebound with unleaded and corn just off the lower end of the range ahead of the Thanksgiving holiday. Basis should remain steady for the most part short term with most users getting ready to roll to the March contract ahead of delivery next week. The daily wire was quiet after the sale to start the week. Weekly crop progress showed harvest at 93% vs. 91% on average. Northern Brazil should see some short-term improvements with weather into December the next driving factor with things trending a bit drier on the updates today. On the December chart, the 20-day average at $4.74 is nearby resistance which we tested before fading 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 3 to 4 cents higher at midday with trade fading back from 20-cent higher trade early on as the squeeze in meal lost momentum and we see some long profit taking ahead of further forecast updates. Meal is $2 to $3 lower and oil is 80 to 90 points higher. The daily wire remained quiet today. Basis should remain flat short term. The South American weather pattern still has some rains expected for the north of Brazil short term, with the south still excessively wet, but the potential return to the drier pattern in the north is the bigger concern. Trade will be watching for changes to Argentina policies as well with the election with a more aggressive export approach expected. The January soybean chart has support at the 20-day at $13.46, which we have bounced back above yesterday, with the fresh high at $13.98 1/2 the next level of resistance which we came within a dime of on strength this morning. WHEAT: Wheat trade is 6 to 8 cents higher at midday with light short covering picking up again after some early two-sided trade with better action showing up as row crop action faded. The Plains will see cooler weather short term with some rains working through recently, with the weekly report showing good to excellent up 1% to 48% good to excellent, and 17% poor to very poor with 95% planted vs. 96% on average, and 87% emerged versus 85% on average. World weather has shown little change in recent days with slow planting in continental Europe the biggest immediate concern. Matif wheat is slightly higher at midday with the dollar scoring fresh lows for the move before rebounding to flat. On the KC December chart, support is at the fresh low of $6.07 with the 20-day moving average at $6.40 as resistance. David Fiala can be reached at Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.