DTN Midday Grain Comments 11/29 10:46

DTN Midday Grain Comments 11/29 10:46 Corn Futures Higher at Midday; Wheat, Soybeans Mixed Corn futures are 3 to 4 cents higher at midday Friday; soybean and wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday; soybean and wheat futures are narrowly mixed. The U.S. stock market is firmer at midday with the S&P 34 points higher. The U.S. Dollar Index is unchanged. The interest rate products are weaker. Energy trade is firmer with crude up .80 with natural gas up .09. Livestock trade is mostly higher. Precious metals are firmer with gold up 18.00. CORN: Corn futures are 3 to 4 cents higher at midday with the lower end of the range holding and December going into delivery for the shortened session. Ethanol margins remain rangebound with corn and unleaded still at the lower end of the range. Fall fieldwork should pick up steam into early December with fertilizer supplies needing to catch up. Weekly export sales were OK at 1.063 million metric tons (mmt). Basis action will firm a bit into early December. On the March chart, the 20-day moving average at $4.35 is resistance with the Lower Bollinger Band at $4.25 as support. SOYBEANS: Soybean futures are narrowly mixed at midday with oil leading product action as trade struggles to maintain short-term momentum. Meal is 3.00 to 4.00 higher and oil is 70 to 80 points higher. South America looks to hold the generally good weather pattern for soybean development. The daily export wire saw 840,000 metric tons (mt) sold to unknown, along with 151,700 mt received by unknown. Weekly export sales were strong at 2.491 mmt with meal at 487,500 mt and oil at 124,800 mt. 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 $9.99 with the Lower Bollinger Band at $9.70 as support. WHEAT: Wheat futures are narrowly mixed as trade holds the lower end of the range and the December contract goes into delivery along with little other fresh news. The Plains are expected to stay colder in the short term with the second week looking warmer and drier as we head into dormancy. MATIF wheat is working lower to the bottom of the range with the dollar back to the recent lows, although still elevated overall. Weekly export sales eased a bit at 366,800 mt. On the KC March chart, support is the fresh low at $5.41 and resistance the 20-day moving average at $5.66. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.