DTN Midday Grain Comments 11/29 10:50

DTN Midday Grain Comments 11/29 10:50 Corn and Wheat Higher, Beans Lower at Midday Wednesday Corn trade is 2 to 4 cents higher; beans are 1 to 3 cents lower and wheat trade is 5 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P 3 points higher. The dollar index is 20 points higher. Interest rate products are firmer. Energies are mixed with crude up $0.60 and natural gas unchanged. Livestock trade is firmer. Precious metals are mixed with gold up $1. CORN: Corn trade is 2 to 4 cents higher with trade firming into midday from early weakness as the December contract heads into delivery. Ethanol margins remain solid with the weekly report showing production off by 12,000 barrels per day, and stocks fell 273,000 barrels. 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. On the March chart, the 20-day at $4.86 is nearby resistance with the fresh low at 4.70 1/2. SOYBEANS: Soybean trade is 1 to 3 cents lower with light two-sided action with little immediate change in South American weather and mixed product action as meal falters a bit. Meal is $4 to $5 lower and oil is 5 to 15 points higher. The daily wire was quiet today. Basis continues to drift sideways. 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 at $13.54, with the lower Bollinger Band at $13.15 as support. WHEAT: Wheat trade is 5 to 13 cents higher at midday with trade seeing short covering as ease oversold conditions as the December contract heads into delivery with KC leading action. The plains snow cover should fade with warmer temps into the end of the week. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now. Matif wheat is solidly firmer as well. On the KC March chart, support is at the fresh low of $5.95 with the 20-day moving average at $6.38 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.