DTN Midday Grain Comments 11/07 10:56

DTN Midday Grain Comments 11/07 10:56 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 4 to 5 cents higher; wheat futures are 5 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 4 to 5 cents higher; wheat futures are 5 to 8 cents lower. The U.S. stock market is mixed at midday with the S&P 36 points higher. The U.S. Dollar Index is 60 points lower. The interest rate products are firmer. Energy trade is mixed with crude up .01 with natural gas .07 lower. Livestock trade is mostly higher. Precious metals are firmer with gold up 24.00. CORN: Corn futures are 1 to 2 cents lower with flat to softer spread action with trade holding, edging back from the fresh high touched overnight. Ethanol margins look to remain sideways in the short term with corn and unleaded staying rangebound. Rains look to continue for much of the Corn Belt into the weekend, keeping remaining harvest paused. The daily export wire saw another 120,000 metric tons (mt) booked by unknown. Weekly export sales were very strong again at 2.767 million metric tons (mmt), up 18% from the 4-week average. On the report Friday, trade is looking for domestic carryout at 1.938 billion bushels (bb), down from 1.999 bb last month with yield unchanged at 183.8 bushels per acre (bpa). 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 $4.13 1/2, with the fresh high at $4.28 as the next level up, then the fall high at $4.33. SOYBEANS: Soybean futures are 4 to 5 cents higher at midday with two-sided action after bigger overnight strength with trade pushing back toward the middle of the fall range with oil scoring fresh highs. Meal is 2.00 to 3.00 lower, and oil is 150 to 160 points higher. Remaining harvest will likely linger into the middle of the month with the recent weather pattern. South America continues to see little short-term issue with the early growing season off to a good start. Weekly export sales were solid at 2.037 mmt, up 10% from the 4-week average, with meal at 398,600 metric tons (mt), and oil at 114,300 mt, both outstanding numbers. On the report Friday, carryout is expected at 535 million bushels (mb) from 550 mb last month, and yield at 52.8 bpa, versus 53.1 bpa last month. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has support at the 20-day moving average at $9.99, which we are consolidating above, with the Upper Bollinger Band at $10.18 the next round up. WHEAT: Wheat futures are 5 to 8 cents lower with choppy trade continuing as Chicago holds up the best at midday, pushing back ahead of KC values. 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 a bit weaker with the dollar fading further from the spike high ahead of the Fed statement Thursday afternoon. Weekly export sales were OK at 374,700 mt, but off 20% from the 4-week average. On the report, trade is looking for carryout at 813 mb versus 812 mb last month. On the KC December chart, support is the lower Bollinger Band at $5.57 and resistance the 20-day 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.