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DTN Midday Grain Comments 11/27 10:57

27 Nov 2023
DTN Midday Grain Comments 11/27 10:57 Corn, Bean, Wheat Trade Lower at Midday Monday Corn trade is 7 to 8 cents lower; beans are 3 to 5 cents lower and wheat trade is 10 to 18 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 flat. Interest rate products are firmer. Energies are weaker with crude off $0.35 and natural gas off $0.07. Livestock trade is weaker. Precious metals are firmer with gold up $6. CORN: Corn trade is 7 to 8 cents lower at midday to start the week with trade washing to fresh lows with the broad risk-off sentiment continuing from last week. Ethanol margins should stay rangebound with the weakness in corn and unleaded. Basis should remain steady for the most part short term with most users getting ready to roll to the March contract ahead of delivery starting this week. The daily wire was quiet to start the week with weekly export inspections soft for the holiday week at 406,680 metric tons. South American weather should see little change in the immediate term from the recent pattern. On the December chart, the 20-day average at $4.72 is nearby resistance which we failed from last week before fading again with the $4.50 area the next level that trade will watch to hold. SOYBEANS: Soybean trade is 3 to 2 cents lower with two-sided action so far today with risk-off selling and better product action battling with trade watching the South American forecast into December. Meal is $3.50 to $4.50 higher and oil is 20 to 30 points higher. The daily wire was quiet to start, with weekly export inspections a little soft at 1.443 million metric tons. Basis should remain flat short term. The South American weather pattern will be watched for sustained moisture into December as we get deeper into the growing season. The January soybean chart has resistance at the 20-day at $13.50 that we fell through on Friday, with the lower Bollinger Band at $13.03 as support. WHEAT: Wheat trade is 10 to 18 cents lower at midday with action washing into new lows again with KC action trying to lead but the overall risk-off selling and lack of fresh bullish news keeps pressure on the market. The Plains saw good snow cover in places as the crop heads towards dormancy with a bit of a warm-up possible into early December. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now. Matif wheat is lower as well. Weekly export inspections remain soft at 276,585. On the KC December Chart, support is at the fresh low of $5.88 1/4 with the 20-day moving average at $6.32 as resistance. David Fiala can be reached at Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.