DTN Midday Grain Comments 11/22 10:47

DTN Midday Grain Comments 11/22 10:47 Wheat Futures Lower at Midday; Corn, Soybeans Narrowly Mixed Corn futures are narrowly mixed at midday Friday; soybean futures are narrowly mixed; wheat futures are 2 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Friday; soybean futures are narrowly mixed; wheat futures are 2 to 6 cents lower. The U.S. stock market is mixed at midday with the S&P 6 points higher. The U.S. Dollar Index is 70 points higher. The interest rate products are mostly firmer. Energy trade is mixed with crude up .60 with natural gas off .24. Livestock trade is mostly higher with feeder cattle leading. Precious metals are mixed with gold up 30.50. CORN: Corn futures are narrowly mixed at midday with action continuing to work just below the fall highs with softer spread action as we head toward December option expiration Friday. Ethanol margins remain rangebound heading toward the Thanksgiving travel holiday. Colder weather should continue to limit fall fieldwork. Basis action will likely remain flat until March becomes front month. On the December chart, the 20-day moving average at$4.22 is support with the recent high at $4.34 3/4 as resistance. SOYBEANS: Soybean futures are narrowly mixed as early strength fades again and oil continues to washout while meal struggles to sustain buying. Meal is flat to 1.00 lower and oil is 75 to 85 points lower. South America looks to see little change to the short-term weather pattern with crop development moving along well. The daily export wire saw another 198,000 metric tons sold to China. Basis is expected to remain flat to firmer short term. On the January chart, trade has resistance at the 20-day moving average at $9.99 with the Lower Bollinger Band at $9.74 as support. WHEAT: Wheat futures are 2 to 6 cents lower with early gains fading again as the dollar strength continues to limit upside as the week's Black Sea event reaction fades a bit. The Plains are expected to stay colder with slightly above average precipitation expected through the end of the month which should hasten dormancy. MATIF wheat is a bit softer at the upper end of the recent range. On the KC December chart, support is the fresh low at $5.31 1/2 and resistance the 20-day moving average at $5.60. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.