DTN Midday Grain Comments 11/24 10:35

DTN Midday Grain Comments 11/24 10:35 Corn, Bean, Wheat Futures Lower at Midday Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 20 to 22 cents lower; wheat futures are 6 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 20 to 22 cents lower; wheat futures are 6 to 11 cents lower. The U.S. stock market is mixed with the S&P unchanged. The U.S. Dollar Index is 50 points lower. Interest rate products are mixed. Energies are flat with crude off .24 and natural gas off .06. Livestock trade is sharply lower. Precious metals are firmer with gold off 6.80. CORN: Corn futures are 1 to 2 cents lower at midday with seeing light, two-sided trade as corn shakes off the pressure from the broader risk-off trade into the noon close for the week. Ethanol margins are seeing little change with corn and unleaded still at the lower end of their range. 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 next week. Weekly export sales were good at 1.432 million metric tons (mmt). Northern Brazil should see some short-term improvements with little change on the extended forecasts. On the December chart, the 20-day moving average 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 futures are 20 to 22 cents lower at midday with broad risk-off selling into another weekend of watching weather forecasts. We continue to find some export business with China securing 129,000 mt on the daily wire along with 323,400 mmt sold to unknown. Meal is 1.00 to 2.00 lower and oil is 200 to 220 points lower. Weekly export sales eased a bit with 961,300 metric tons (mt) of beans, 203,600 of meal, and 300 of oil. Basis should remain flat in the short term. The South American weather pattern still has some rains expected for the north of Brazil in the short term, with the south still excessively wet, but the potential return to the drier pattern in the north is the bigger concern into December. The January soybean chart has support at the 20-day moving average at $13.49, which we are below at midday, with the lower Bollinger band at $13.01 below that. WHEAT: Wheat futures are 6 to 11 cents lower with trade again scoring new lows with the broad risk-off action Friday even as the dollar returns to the lows. The Plains will see colder weather in the short term with some snow possibly inbound. World weather has shown little change in recent days with slow planting in continental Europe the biggest immediate concern. Matif wheat is slightly lower at midday. Weekly export sales were soft at 171,300 mt of old crop, and 25,500 of new. On the KC December chart, support is at the fresh low of $6.03 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.