DTN Midday Grain Comments 11/22 10:55

DTN Midday Grain Comments 11/22 10:55 Corn Higher, Beans Lower and Wheat Mixed at Midday Corn trade is 1 to 2 cents higher. Beans are 4 to 6 cents lower and wheat trade is 3 cents lower to 2 cents higher at midday Wednesdays David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P20 points higher at midday Wednesday. The dollar index is 55 points higher. Interest rate products are mixed. Energies are weaker with crude off $3.05 and natural gas up $.02. Livestock trade is mostly higher. Precious metals are weaker with gold off $7. CORN: Corn trade is 1 to 2 cents higher with trade remaining rangebound as we head towards the Thanksgiving break with little fresh news. The weekly ethanol report showed production off by 24,000 barrels per day with stocks up 698,000 barrels. 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 saw 128,000 metric tons sold to unknown. Northern Brazil should see some short-term improvements with weather into December the next driving factor with things with little change on the overnight runs. On the December chart, the 20-day at $4.73 1/2 is nearby resistance which we tested before fading again 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 4 to 6 cents lower with trade remaining choppy as we wait for further weather updates and see mixed product action again this morning. Meal is $5.50 to $6.50 higher and oil is 50 to 60 points lower. The daily wire has remained quiet so far this week. Basis should remain flat short term. The South American weather pattern still has some rains expected for the north of Brazil with the south still excessively wet, but the potential return to the drier pattern in the north is the bigger concern into December with clarity still limited coming forward for now. Trade seems to have shifted towards a wait-and-see approach on Argentina developments. The January soybean chart has support at the 20-day at $13.49 which we have bounced back above yesterday with the fresh high at $13.98 1/2 the next level of resistance. WHEAT: Wheat trade is 3 cents lower to 2 cents higher with early gains fading again as the dollar rebounds sharply this morning. The Plains will see cooler weather short term with some rains working through recently and planting complete. World weather has shown little change in recent days with slow planting in continental Europe the biggest immediate concern. Matif wheat is flat at midday. China secured 110,000 metric tons of soft wheat on the daily wire today. On the KC December chart, support is at the fresh low of $6.07 with the 20-day moving average at $6.36 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.