DTN Midday Grain Comments 11/15 11:03

DTN Midday Grain Comments 11/15 11:03 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 13 to 15 cents higher; wheat futures are 7 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 13 to 15 cents higher; wheat futures are 7 to 9 cents higher. The U.S. stock market is weaker at midday with the S&P 70 points lower. The U.S. Dollar Index is 2 points higher. The interest rate products are weaker. Energy trade is mixed with crude off .45 with natural gas off .01. Livestock trade is mixed with feeder cattle leading. Precious metals are weaker with gold down 3.50. CORN: Corn futures are 2 to 3 cents higher with spreads firming back as trade bounces off support levels during the day session. Ethanol margins remain rangebound with corn just off the lows and unleaded holding near recent lows. Open weather for most of the Corn Belt is expected to return this week, allowing remaining harvest to wrap up along with early fieldwork. However, things may slow with rains expected at the beginning of next week. Weekly export sales were 1.315 million metric tons (mmt) as the strong recent pace eases a bit, and we are off 52% from the 4-week average. 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 support, which held Friday morning, with the fresh high at $4.34 3/4 as resistance. SOYBEANS: Soybean futures are 13 to 15 cents higher at midday with trade bouncing back from the Thursday washout with oil leading the product complex while meal continues to struggle but has found some light buying. Meal is 1.00 to 2.00 higher and oil is 155 to 165 points higher. Remaining harvest should be wrapped up shortly ahead of the next rain system, while South America continues to see good early development. Weekly export sales eased a bit with 1.555 mmt sold, off 24% from the 4-week average. Meal export sales improved at 302,400 metric tons (mt) and oil was solid at 16,500. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has resistance at the 20-day moving average at $10.01 which we are back above at midday, with the Lower Bollinger Band at $9.75 as support. WHEAT: Wheat futures are 7 to 9 cents higher at midday with trade trying to find footing as the dollar gains slow and light short-covering heading toward the weekend. The Plains are expected to see additional moisture over the next week before colder weather pushes stands into dormancy. MATIF wheat is sharply higher after light buying Thursday. Weekly export sales were in line with recent weeks at 380,100 mt, off 17% from the 4-week pace. On the KC December chart, support is the fresh low at $5.31 1/2 and resistance the 20-day moving average at $5.66. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.