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DTN Midday Grain Comments 11/01 10:53
Corn Futures Higher at Midday; Soybeans Flat-Higher; Wheat Mixed
Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are
flat to 1 cent higher; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are
flat to 1 cent higher; wheat futures are narrowly mixed. The U.S. stock market
is firmer at midday with the S&P 60 points higher. The U.S. Dollar Index is 15
points higher. The interest rate products are weaker. Energy trade is mixed
with crude up 1.00 with natural gas .05 lower. Livestock trade is firmer after
early weakness. Precious metals are firmer with gold up 10.00.
CORN:
Corn futures are 2 to 3 cents higher at midday with rangebound action
continuing as we head toward the weekend with little fresh news overall as we
chop just below nearby resistance. Ethanol margins should continue the recent
balance with unleaded values finding support again. Rains look to continue for
much of the Corn Belt through the middle of next week to slow remaining harvest
and improve fall fieldwork potential afterward. The daily export wire saw life
again with Mexico securing another 781,322 metric tons (mt). Basis action is
starting to firm in areas where harvest is complete. On the December chart, the
20-day moving average at $4.13 1/2 is resistance, which we are testing at
midday, with the recent low at $3.98 below that as support.
SOYBEANS:
Soybean futures are flat to a penny higher at midday with January pushing
back to the $10.00 area early in the session before fading. Oil continues to
lead the product complex as meal continues to score more lows at deeply
oversold levels. Meal is 3.00 to 4.00 lower and oil 85 to 95 points higher.
Remaining harvest will likely linger into the middle of the month with the
coming rains. South America continues to see few short-term issues. The daily
export wire saw sales of 132,000 mt to China; 198,000 mt to unknown; and 30,000
mt of oil to India. Basis should start to recover further from harvest
pressure. On the January chart, trade has support at the fresh lows at $9.77
with the 20-day moving average at $10.05 the next level up, which we faded from
on an early test this morning.
WHEAT:
Wheat futures are narrowly mixed with rangebound action continuing with
early gains fading along with row crops from the early day session high. The
second set of storms into the weekend and early next week is expected to
provide better coverage for the areas lagging in emergence. MATIF wheat is
firmer Friday morning while the dollar works just below recent highs. On the KC
December chart, support is the lower Bollinger Band at $5.61 which we bounced
from Thursday and resistance is the 20-day moving average at $5.87.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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