DTN Midday Grain Comments     11/12 11:05

   Corn, Soybeans and Wheat All Lower at Midday Thursday

   Corn futures are 2 to 3 cents lower at midday, soybeans are 10 to 11 cents 
lower, and wheat futures are 7 to 11 cents lower. 



David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P up 19 points. The 
U.S. Dollar Index is 25 points higher. The interest rate products are weaker. 
Energy trade is mixed with crude up .40 and natural gas up .05. Livestock trade 
is firmer with feeder cattle leading. Precious metals are weaker with gold 
120.00 lower. 

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade fading again 
despite slowly firming spread action as negative spillover from soybean and 
wheat limit upside. Ethanol margins remain solid even with the energies 
pullback with the weekly report expected to be show steady production and 
stocks. Basis should continue to firm seasonally as harvest winds down. The 
daily wire was quiet with weekly sales expected to be in the 2.75 to 3.00 
million metric ton range tomorrow. Harvest should resume with more open 
short--term weather as we wind down further. On the December chart the 20-day 
at $4.52 is nearby resistance which we tested post report. Chart support is at 
the $4.34 lower Bollinger Band and $4.38 fresh low area. 

SOYBEANS:

   Soybean futures are 10 to 11 cents lower with action fading through the day 
session with firming spreads and broad product weakness. Meal is 2.50 to 3.50 
lower and oil is 45 to 55 points lower. The last stretch of harvest should 
resume towards the end of the week as weather opens back up. The daily export 
wire saw 136,000 metric tons sold to China with weekly sales expected to be in 
the 1.2 to 1.4 million metric ton range tomorrow. Basis should start to firm as 
shipping and processors chew through the harvest bushels with supportive crush 
margins. On the January contract support is the fresh low at $11.84 with 
resistance the 20-day at 12.35.

WHEAT:

   Wheat futures are 7 to 11 cents lower at midday with trade fading back from 
the strong close yesterday as oversold conditions continue to persist with 
little fresh news overall, and the dollar holding near the highs to limit 
upside. Open weather should allow the remaining winter wheat to continue to 
establish better stands. Matif wheat is easing back after the solid gains 
yesterday, while Matif corn firms again. Weekly export sales are expected to be 
in the 200,000 to 400,000 metric ton range. On the KC December chart resistance 
is the 20-day at $6.53. Chart support is the fresh low at $6.22. 

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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