DTN Midday Grain Comments 11/18 10:52

DTN Midday Grain Comments 11/18 10:52 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 2 to 3 cents higher at midday Monday; sybean futures are 1 to 2 cents higher; wheat futures are 12 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Monday; sybean futures are 1 to 2 cents higher; wheat futures are 12 to 14 cents higher. The U.S. stock market is firmer at midday with the S&P 30 points higher. The U.S. Dollar Index is 20 points lower. The interest rate products are weaker. Energy trade is firmer with crude up 2.00 with natural gas up .09. Livestock trade is flat to firmer. Precious metals are firmer with gold up 45.50. CORN: Corn futures are 2 to 3 cents higher at midday with spread action remaining firm as we move back to the upper end of the range with broad grain strength to start with spillover support from wheat. Ethanol margins remain rangebound with corn and unleaded firmer. Broad rains and colder weather will limit fall fieldwork with harvest effectively wrapped up nationally. Weekly export inspections remained rangebound at 820,608 metric tons (mt) with year-to-date pace 132% of a year ago. Basis action is starting to trend firmer, especially in the west. On the December chart, the 20-day moving average at $4.19 is support with the fresh high at $4.34 3/4 as resistance. SOYBEANS: Soybean futures are 1 to 2 cents higher at midday with trade coming back from a dime lower early with product action quiet so far. Meal is narrowly mixed as we try to ease oversold conditions with oil 25 to 35 points lower. The weekly Crop Progress report should show harvest effectively complete with South America expected to continue to show good progress. The daily export wire saw 261,264 mt sold to Mexico and 30,000 of soyoil to India. Weekly export inspections were solid at 2.165 million metric tons (mmt) as we are at 109% on year-to-date levels. 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 testing Monday morning, with the Lower Bollinger Band at $9.77 as support. WHEAT: Wheat futures are 12 to 14 cents higher with broad short-covering on Black Sea political concerns to start the week with trade still in the lower end of the overall range with improving crop conditions likely to limit upside. The Plains are expected to see additional moisture over the next few days before colder weather pushes stands into dormancy. MATIF wheat is holding gains from Friday. Weekly crop conditions are expected to improve a bit more as emergence catches up to the five-year average. Weekly export inspections softened a bit at 196,281 mt, with year-to-date movement at 131%. On the KC December chart, support is the fresh low at $5.31 1/2 and resistance the 20-day moving average at $5.65. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.