DTN Midday Grain Comments 11/13 10:51

DTN Midday Grain Comments 11/13 10:51 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are 6 to 13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are 6 to 13 cents lower. The U.S. stock market is firmer at midday with the S&P 12 points higher. The U.S. Dollar Index is 36 points higher. The interest rate products are mixed. Energy trade is firmer with crude up .35 with natural gas up .01. Livestock trade is broadly mixed. Precious metals are mixed with gold down 1.00. CORN: Corn futures are 2 to 3 cents lower in midday trade as we continue to chop sideways post-report with firmer spread action holding. Ethanol margins look to move more sideways in the near term with the weekly ethanol production report delayed until Thursday. Open weather for most of the Corn Belt is expected to return this week, allowing remaining harvest to wrap up along with fall fieldwork to start. The weekly crop progress report showed harvest at 95% complete. The daily export wire saw 401,357 metric tons (mt) of corn sold to Mexico and 290,820 mt to unknown. Basis action is starting to trend firmer, especially in the west. On the December chart, the 20-day moving average at $4.17 7/8 is support, with the fresh high at $4.34 3/4 as resistance. SOYBEANS: Soybean futures are 6 to 8 cents lower at midday with trade holding above nearby support with product action continuing to struggle with oil testing support, and fresh lows in meal. Meal is 2.00 to 3.00 lower and oil is 130 to 140 points lower. Remaining harvest should be wrapped up this week with the weekly report showing harvest 96% complete, while South America continues to progress well. 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 $10.01, which we are holding above, with the Upper Bollinger Band at $10.28, which we faded from Monday. WHEAT: Wheat futures are 6 to 13 cents lower at midday with oversold conditions building as trade continues to struggle with the firm dollar and improved weather on the Plains with KC again trading ahead of Chicago action. The Plains are expected to see additional moisture over the next week with the portion of the crop rated good-to-excellent up 3% to 44%, and poor to very poor at 18%. Planting progress is at 91% versus 93% on average, and 76% emerged versus 79% on average. MATIF wheat is sharply lower Wednesday as well with the recent support giving way overnight. On the KC December chart, support is the recent low at $5.37 1/4 and resistance the 20-day moving average at $5.71. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.