DTN Midday Grain Comments 11/30 10:45

DTN Midday Grain Comments 11/30 10:45 Corn and Wheat Higher, Beans Lower at Midday Thursday Corn trade is 6 to 7 cents higher; beans are 1 to 3 cents lower and wheat trade is 4 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P 3 points lower. The dollar index is 50 points higher. Interest-rate products are weaker. Energies are weaker with crude off $2 and natural gas off $0.02. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold down $10. CORN: Corn trade is 6 to 7 cents higher with firmer spread action coming off the lower end of the range with December into delivery and oversold conditions easing. Ethanol margins are narrowing a bit with corn bouncing and unleaded sliding back to the lower end of the range with tepid demand. Basis should remain steady short term. The daily wire continued to be quiet with weekly sales very strong at 1.93 million metric tons. South American weather should see little change in the immediate term from the recent pattern. On the March chart, the 20-day at $4.85 is nearby resistance with the fresh low at 4.70 1/2 as support. SOYBEANS: Soybean trade is 1 to 3 cents lower at midday as we continue to chop just below nearby resistance with mixed product action and trade continuing to wait for further weather developments. Meal is narrowly mixed and oil is 35 to 45 points lower. The daily wire saw 134,000 metric tons sold to China with weekly sales strong at 1.9 million metric tons with 64,600 of meals and 700 of oil. Basis continues to drift sideways. The South American weather pattern will be watched for sustained moisture into midmonth for the drier areas. The January soybean chart has resistance at the 20-day at $13.56 with the lower Bollinger band at $13.20 as support. WHEAT: Wheat trade is 4 to 8 cents higher with action pressing through nearby resistance at midday despite the firmer dollar and stronger spread action. The Plains snow cover should fade with warmer temps into the end of the week with more seasonal temps to follow. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now and Southern Hemisphere harvest to expand. Weekly export sales improved at 622,800 metric tons old, and 12,000 of new. Matif wheat is just a bit higher at midday. 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 which we are just above at midday. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.