DTN Midday Grain Comments 11/27 10:54

DTN Midday Grain Comments 11/27 10:54 Soybean Futures Higher at Midday; Corn Mixed; Wheat Lower Corn futures are narrowly mixed at midday Wednesday; soybean futures are 5 to 7 cents higher; wheat futures are 6 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are 5 to 7 cents higher; wheat futures are 6 to 10 cents lower. The U.S. stock market is weaker at midday with the S&P 27 points lower. The U.S. Dollar Index is 85 points lower. The interest rate products are firmer. Energy trade is mixed with crude up .15 with natural gas off .20. Livestock trade is firmer. Precious metals are mixed with gold up 18.00. CORN: Corn futures are narrowly mixed at midday with the lower end of the range holding as we head into delivery for the December contract. The weekly ethanol report showed production up 9,000 barrels per day (bpd) with runs near the year highs, and stocks rising by 300,000 barrels ahead of Thanksgiving travel. Colder weather is expected to linger in the short term with fall fertilizer application picking up in many areas. Weekly export sales are expected to be in the 500,000 to 750,000 metric ton (mt) range Friday with the report delayed due to the holiday. Basis action will likely remain flat until March becomes the front-month. On the March chart, the 20-day moving average at $4.35 is resistance with the Lower Bollinger Band at $4.25 is support. SOYBEANS: Soybean futures are 5 to 7 cents higher at midday with meal leading product action as trade continues to work just below nearby resistance with little overall fresh news. Meal is 6.00 to 7.00 higher and oil is 155 to 165 points lower. South America looks to hold a generally good weather pattern for soybean development in the short term. The daily export wire saw 132,000 mt sold to China. Weekly export sales are expected to be in the 1.5 million metric ton (mmt) to 1.8 mmt range. 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 $10.00 with the Lower Bollinger Band at $9.71 as support. WHEAT: Wheat futures are 6 to 10 cents lower with trade pulling back ahead of delivery even with the weaker dollar as the choppy overall action continues. The Plains are expected to stay colder in the short term with the second week looking warmer and drier. MATIF wheat is working lower, with the dollar back to the recent lows, although still at the upper end of the year range. On the KC March chart, support is the fresh low at $5.45 and resistance the 20-day moving average at $5.69. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.