DTN Midday Grain Comments     11/11 10:58

   Soybean Futures Lower at Midday Tuesday; Corn Flat-Higher; Wheat Mixed

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 2 to 3 cents lower; wheat futures are 5 cents lower to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 2 to 3 cents lower; wheat futures are 5 cents lower to 3 cents higher. The 
U.S. stock market is mixed at midday with the S&P off 15. The U.S. Dollar Index 
is 20 points lower. The interest rate products are firmer. Energy trade is 
firmer with crude up 1.10 and natural gas is .20 higher. Livestock trade is 
mixed. Precious metals are mixed with gold up 9.00.

CORN:

   Corn futures are flat to a penny higher in quiet midday trade as we continue 
to hold just above nearby support with little fresh news to drive action. 
Ethanol margins should get a bit of a boost on the blender end from unleaded 
working back higher to start the week. Harvest should hit the downhill stretch 
with mostly open weather through this week. Fresh export sales are expected to 
have held up well with government reporting expected to return soon. Basis 
should start moving toward post-harvest levels near the end of the month. On 
the December chart, support is the 20-day moving average at $4.26 3/4 with the 
next round up the fall high at $4.37.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with oil leading the product complex 
at midday and action chopping back from the upper end of the range. Meal is 
2.00 to 3.00 lower and oil is 50 to 60 points higher. Harvest on remaining U.S. 
acres should be close to being fully wrapped up with open weather ahead. South 
American weather looks to remain good for the early growing season with some of 
Brazil seeing a bit of short-term dryness. Basis should continue to firm if a 
trade deal delivers a more-normal fall export pace into the end of the year 
with signs of winter bookings off the Pacific Northwest picking up but U.S. 
values have pushed back ahead of South American offers for now. On the January 
chart, resistance is the $11.37 area where we find the fresh high from last 
week with the 20-day moving average well below the market at $10.86.

WHEAT:

   Wheat futures are 5 cents lower to 3 cents higher with spring wheat leading 
as action consolidates more toward the upper end of the range. Weather should 
remain mostly favorable for the Plains in the short term with early stands 
expected to be good overall with warmer temps retuning for the Plains for the 
balance of the week. MATIF wheat is weaker Tuesday morning. Southern Hemisphere 
wheat remains in good shape as harvest continues. On the KC December chart 
support is the 20-day moving average at $5.11 that we have held solidly above 
recently with the next round up the fall high at $5.40 from last week.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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