DTN Midday Grain Comments 11/06 10:52

DTN Midday Grain Comments 11/06 10:52 Corn Futures Higher at Midday; Soybeans Flat-Lower; Wheat Flat-Higher Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures are flat to 3 cents lower; wheat futures are flat to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures are flat to 3 cents lower; wheat futures are flat to 3 cents higher. The U.S. stock market is sharply higher at midday with the S&P 120 points higher. The U.S. Dollar Index is 170 points higher. The interest rate products are weaker. Energy trade is mixed with crude up .03 with natural gas .04 higher. Livestock trade is mixed with cattle leading. Precious metals are weaker with gold off 78.00. CORN: Corn futures are 4 to 5 cents higher with trade firming back from the overnight weakness to test upside resistance at midday with early risk-off action tied to the dollar fading. The weekly ethanol report showed production 23,000 barrels higher for one of the strongest runs of the year, and stocks rose 200,000 barrels. Rains look to continue for much of the Corn Belt into the weekend. Weekly export sales are expected to be in the 1.75 million metric tons (mmt) to 2.25 mmt range Thursday. Basis action is starting to firm in the areas that have went post-harvest but is still mostly flat. On the December chart, the 20-day moving average at $4.12 5/8, with the recent high at $4.24 the next round up, which we are testing at midday. SOYBEANS: Soybean futures are flat to 3 cents lower with trade firming back from 20-cent lower overnight action on stronger dollar and demand concerns with spreads firming sharply. Meal is 1.50 to 2.50 lower and oil is 115 to 125 points higher. Remaining harvest will likely linger into the middle of the month with the recent weather pattern, while South America continues to see little short-term issue. Weekly export sales are expected to be in the 1.25 mmt to 1.50 mmt range. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has support at the fresh lows at $9.77 with the 20-day moving average at $9.99, which we are just above at midday. WHEAT: Wheat futures are flat to 3 cents higher at midday with Chicago action leading and trade fighting through the stronger dollar to come back from dime lower overnight on risk-off trade. The storms are expected to bring good coverage to the Plains into midmonth to boost early growth, which should be reflected on next week's crop progress report. MATIF wheat is solidly higher with the dollar strength boosting short-covering there. Weekly export sales are expected to be in the 150,000 to 300,000 metric ton range. On the KC December chart, support is the lower Bollinger Band at $5.57 and resistance the 20-day moving average at $5.82. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.