DTN Midday Grain Comments 11/28 10:46

DTN Midday Grain Comments 11/28 10:46 Corn Lower, Beans Higher and Wheat Mixed at Midday Tuesday 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 firmer with the S&P 15 points higher. The dollar index is 40 points lower. Interest rate products are firmer. Energies are firmer with crude up $2 and natural gas unchanged. Livestock trade is sharply higher. Precious metals are firmer with gold up $25. CORN: Corn trade is 1 to 4 cents lower with trade working to consolidate near the fresh lows scored yesterday as we prepare for the December contract to go into delivery. Ethanol margins will likely continue to be range-bound short term. Basis should remain steady for the most part as we transition to the March bids. The daily wire continued to be quiet. South American weather should see little change in the immediate term from the recent pattern. Harvest was rated at 96% vs. 95% on average. On the December chart, the 20-day at $4.72 is nearby resistance which we failed from last week before fading again with the $4.50 area the next level that we have held so far. SOYBEANS: Soybean trade is 14 to 16 cents higher at midday with trade working to build support at the lower end of the recent range as well with broad product strength overnight and little change to the immediate forecasts for South America. Meal is $1 to $2 higher and oil is 140 to 160 points higher. The daily wire saw 123,000 metric tons sold to unknown. 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 with the extended forecast looking more promising. The January soybean chart has resistance at the 20-day average at $13.52 with the lower Bollinger Band at $13.03 as support. WHEAT: Wheat trade is flat to 9 cents higher with trade seeing light short covering as we remain oversold near the fresh lows scored yesterday with KC action leading trade. The plains snow cover should fade with warmer temps until the end of the week. Weekly crop progress showed 91% emerged vs. 89% on average and 50% good to excellent, up 2% from last week, and 17% poor to very poor. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now. Matif wheat is a bit firmer as well. On the KC December chart, support is at the fresh low of $5.88 1/4 with the 20-day moving average at $6.29 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.