DTN Midday Grain Comments 11/19 10:53

DTN Midday Grain Comments 11/19 10:53 Corn Futures Flat-Higher at Midday; Soybeans Lower; Wheat Higher Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are 4 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are 4 to 7 cents higher. The U.S. stock market is mixed at midday with the S&P 10 points higher. The U.S. Dollar Index is 7 points lower. The interest rate products are firmer. Energy trade is mixed with crude off .35 with natural gas up .02. Livestock trade is mostly firmer. Precious metals are firmer with gold up 15.50. CORN: Corn futures are flat to a penny higher at midday with action holding just below the recent highs after the strong start to the week while spread action is flat to softer after recent strength. Ethanol margins will need the unleaded rebound to hold to support blender margins. Colder weather will limit fall fieldwork progress after the recent rains with harvest ruled complete on the weekly report. Basis action will likely remain flat until March becomes front month. On the December chart, the 20-day moving average at $4.21 is support with the recent high at $4.34 3/4 as resistance. SOYBEANS: Soybean future are 1 to 2 cents lower at midday with trade seeing better action again during the day session with meal showing further strength. Meal is 1.00 to 2.00 higher and oil is 10 to 20 points lower. The weekly report declared harvest complete in the U.S. and South America is expected to continue to show good progress in development. 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 $10.02, which we are just above at midday, with the Lower Bollinger Band at $9.77 as support. WHEAT: Wheat futures are 4 to 7 cents higher with Chicago action leading at midday as we try to consolidate the Monday gains with Black Sea events and the weaker dollar adding support. The Plains are expected to trend colder with slightly above average precipitation expected through the end of the month. MATIF wheat is slightly lower after the recent gains. Weekly crop conditions were 5 points better at 49% good to excellent and 15% poor to very poor with 94% planted versus 96% on average, and 84% emerged, same as average. On the KC December chart, support is the fresh low at $5.31 1/2 and resistance the 20-day moving average at $5.64. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.