DTN Midday Grain Comments 11/01 10:53

DTN Midday Grain Comments 11/01 10:53 Corn Futures Higher at Midday; Soybeans Flat-Higher; Wheat Mixed Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are flat to 1 cent higher; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are flat to 1 cent higher; wheat futures are narrowly mixed. The U.S. stock market is firmer at midday with the S&P 60 points higher. The U.S. Dollar Index is 15 points higher. The interest rate products are weaker. Energy trade is mixed with crude up 1.00 with natural gas .05 lower. Livestock trade is firmer after early weakness. Precious metals are firmer with gold up 10.00. CORN: Corn futures are 2 to 3 cents higher at midday with rangebound action continuing as we head toward the weekend with little fresh news overall as we chop just below nearby resistance. Ethanol margins should continue the recent balance with unleaded values finding support again. Rains look to continue for much of the Corn Belt through the middle of next week to slow remaining harvest and improve fall fieldwork potential afterward. The daily export wire saw life again with Mexico securing another 781,322 metric tons (mt). Basis action is starting to firm in areas where harvest is complete. On the December chart, the 20-day moving average at $4.13 1/2 is resistance, which we are testing at midday, with the recent low at $3.98 below that as support. SOYBEANS: Soybean futures are flat to a penny higher at midday with January pushing back to the $10.00 area early in the session before fading. Oil continues to lead the product complex as meal continues to score more lows at deeply oversold levels. Meal is 3.00 to 4.00 lower and oil 85 to 95 points higher. Remaining harvest will likely linger into the middle of the month with the coming rains. South America continues to see few short-term issues. The daily export wire saw sales of 132,000 mt to China; 198,000 mt to unknown; and 30,000 mt of oil to India. Basis should start to recover further from harvest pressure. On the January chart, trade has support at the fresh lows at $9.77 with the 20-day moving average at $10.05 the next level up, which we faded from on an early test this morning. WHEAT: Wheat futures are narrowly mixed with rangebound action continuing with early gains fading along with row crops from the early day session high. The second set of storms into the weekend and early next week is expected to provide better coverage for the areas lagging in emergence. MATIF wheat is firmer Friday morning while the dollar works just below recent highs. On the KC December chart, support is the lower Bollinger Band at $5.61 which we bounced from Thursday and resistance is the 20-day moving average at $5.87. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.