DTN Midday Grain Comments 11/14 10:54

DTN Midday Grain Comments 11/14 10:54 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 5 to 6 cents lower at midday; soybean futures are 13 to 15 cents lower; wheat futures are 1 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday; soybean futures are 13 to 15 cents lower; wheat futures are 1 to 9 cents lower. The U.S. stock market is flat at midday with the S&P 5 points lower. The U.S. Dollar Index is 5 points lower. The interest rate products are firmer. Energy trade is mixed with crude up .35 with natural gas off .12. Livestock trade is mixed with feeder cattle leading. Precious metals are weaker with gold down 6.00. CORN: Corn futures are 5 to 6 cents lower at midday with early flat action giving way to broad risk-off action in ages and softening spread action during the day session. Ethanol margins are getting a little boost from corn weakness with the weekly report showing production up another 8,000 barrels a day near the highest weekly runs of the year with stocks flat. Open weather for most of the Corn Belt is expected to return this week, allowing the remaining harvest to wrap up along with fall fieldwork to start in the drier areas. The daily export wire was quiet today with weekly sales delayed until Friday with expectations of sales in the 1.5 to 2.0 million metric ton (mt) range. Basis action is starting to trend firmer, especially in the west. On the December chart, the 20-day moving average at 4.18 7/8 is supported, with the fresh high at $4.34 3/4 as resistance. SOYBEANS: Soybean futures are 13 to 15 cents lower at midday with trade fading through nearby support as continued product weakness help spur risk off liquidation, along with softer spread action. Meal is 3.00 to 4.00 lower and deeply oversold, and oil is 35 to 45 points lower. The remaining harvest should be wrapped up shortly ahead of the next rain system, while South America continues to progress well. The daily export wire saw 176,000 metric tons (mt) sold to unknown, with weekly sales expected to be in the 1.0 to 1.25 million metric tons (mmt) range tomorrow. Basis is expected to remain flat to firmer short term. On the January chart, trade has support at the 20-day at 10.01, which we are below at midday, with the Upper Bollinger Band at $10.28 which we faded from Monday. WHEAT: Wheat futures are 1 to 9 cents lower at midday, with spring wheat leading as trade scored another set of fresh lows for the move on early dollar strength with oversold conditions continuing to build. The Plains are expected to see additional moisture over the next week before colder weather pushes stands into dormancy. MATIF wheat is a bit firmer after washing out Wednesday with fresh highs for the year being scored in the dollar. Weekly export sales are expected to be in the 200,000 to 400,000 metric ton (mt) range Friday. On the KC December chart, support is the fresh low at 5.31 3/4, and resistance the 20-day 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.