DTN Midday Grain Comments 11/26 10:52

DTN Midday Grain Comments 11/26 10:52 Corn, Soybean Futures Lower at Midday; Wheat Higher Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 6 to 8 cents lower; wheat futures are 2 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 6 to 8 cents lower; wheat futures are 2 to 5 cents higher. The U.S. stock market is mixed at midday with the S&P 20 points higher. The U.S. Dollar Index is 30 points higher. The interest rate products are weaker. Energy trade is mixed with crude up .60 with natural gas off .05. Livestock trade is mixed. Precious metals are mixed with gold up 9.00. CORN: Corn futures are 4 to 5 cents lower with lightly firmer spread action as we fade back toward the lower end of the range after early choppy trade ahead of the December contract going into delivery. Ethanol margins look to stay rangebound through the holiday. Colder weather should continue to limit fall fieldwork with a little warmer weather the second week to potentially get fall fertilizer application rolling. Basis action will likely remain flat until March becomes front-month. On the December chart, the 20-day moving average at $4.23 is support, which we have faded below at midday, with the recent high at $4.34 3/4 as resistance. SOYBEANS: Soybean futures are 6 to 8 cents lower with early two-sided action fading as product action remains mixed and trade debates tariff impacts. Meal is 3.50 to 4.50 lower and oil is 100 to 110 higher. South America looks to hold the generally good weather pattern for soybean development short term. 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 of $10.00 with the Lower Bollinger Band at $9.72 as support. WHEAT: Wheat futures are 2 to 5 cents higher at midday with KC leading as it chops below nearby resistance levels. The Plains are expected to stay colder with precipitation chances fading for the second week of the forecast from late last week's runs. MATIF wheat is rebounding a bit after the Monday selling, with the dollar regaining some of Monday's losses. The last crop condition report for the year showed winter wheat rated good to excellent 6 points better at 55% good to excellent, and 12% poor to very poor, with 97% planted versus 98% on average, and 89% 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 $5.58. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.