DTN Midday Grain Comments 11/05 10:56

DTN Midday Grain Comments 11/05 10:56 Soybean Futures Higher at Midday; Corn, Wheat Flat to Higher Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures are 3 to 4 cents higher; wheat futures are flat to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures are 3 to 4 cents higher; wheat futures are flat to 2 cents higher. The U.S. stock market is firmer at midday with the S&P 57 points higher. The U.S. Dollar Index is 30 points lower. The interest rate products are weaker. Energy trade is firmer with crude up 1.00 with natural gas .05 lower. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold up 3.40. CORN: Corn futures are flat to a penny higher at midday in quiet trade with spread action remaining lightly firmer with choppy action likely to continue short term as we wait for election results. Ethanol margins should remain rangebound in the short term. Rains look to continue for much of the Corn Belt through the middle of the week to slow remaining harvest and improve fall fieldwork potential for the second half of the month. Weekly crop progress showed harvest 91% complete versus 75% on average. The daily export wire saw 124,000 metric tons (mt) of corn sold to unknown destinations, keeping the pace active. Basis action is starting to firm in the areas that have are done with harvest but is still mostly flat. On the December chart, the 20-day moving average at $4.12 7/8, with the recent high at $4.24 the next round up. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday with trade once again trying to push January past $10.00 with spreads firming a bit as well in a narrower range than we've seen recently. Meal is flat to 1.00 higher and oil is 40 to 50 points lower. Remaining harvest will likely linger into the middle of the month with the coming rains. The weekly crop progress report showed harvest 94% complete versus 85% on average, while South America continues to see little short term issue. Basis should start to recover further from harvest pressure with some processors in the west firming. On the January chart, trade has support at the fresh lows at $9.77 with the 20-day moving average at $10.01, the next level up, which we are just above at midday. WHEAT: Wheat futures are flat to 2 cents higher at midday with KC action leading and two-sided action likely to continue as spreads firm. The storms are expected to bring good coverage to the Plains into midmonth. The weekly crop progress report showed planting at 87% versus 89% on average; 66% emerged versus 71% on average; and 41% good to excellent, up 3%, with 23% poor to very poor. MATIF wheat is flat Tuesday morning with the dollar holding Monday's losses. On the KC December chart, support is the lower Bollinger Band at $5.57 and resistance the 20-day moving average at $5.84. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.