DTN Midday Grain Comments     11/11 10:51

   Wheat Higher; Soybeans Mixed and Corn Lower at Midday Wednesday

   Corn futures are 3 to 4 cents lower at midday, soybeans are narrowly mixed, 
and wheat futures are 4 to 6 cents higher. 


David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P up 90 points. The 
U.S. Dollar Index is 65 points higher. The interest rate products are weaker. 
Energy trade is firmer with crude up two and natural gas flat. Livestock 
futures are mixed with feeder cattle leading. Precious metals are mixed with 
gold 20 lower. 

CORN:

   Corn futures are 3 to 4 cents lower at midday with trade fading back a 
little from the strong post report close with early gains turning to light 
selling as funds work to maintain the short position and harvest moves ahead. 
On the report, yield was 179.6 BPA vs. 181.2 last month with carryout at 1.75 
billion vs. 1.849 last month. Ethanol margins remain solid even with the 
energies pullback with the weekly report delayed for Veteran's Day. 

   Basis should continue to firm seasonally as harvest winds down. The daily 
wire was quiet with the Holiday and weekly sales are delayed until Friday. 
Harvest should resume with more open short--term weather as we wind down 
further. On the December chart the 20-day at $4.53 is nearby resistance which 
we tested post report. Chart support is at the $4.32 lower Bollinger Band and 
$4.38 fresh low area. 

SOYBEANS:

   Soybean futures are narrowly mixed at midday with trade working to 
consolidate the post report surge with oil leading the product side of things 
with some two--sided action so far. Meal is 1 to 2 higher and oil is 100 to 110 
points higher. On the report, yield rose .2 BPA to 53.3 with carryout falling 
to 300 million bushels from 315 with better exports expected. The last stretch 
of harvest should resume towards the end of the week as weather opens back up. 
The daily export wire was quiet with the holiday. Basis should start to firm as 
shipping and processors chew through the harvest bushels. On the January 
contract support is the fresh low at $11.84 with resistance to the 20-day at 
12.36.

WHEAT:

   Wheat futures are 4 to 6 cents higher at midday with broad buying developing 
over the day session as we look to ease oversold conditions while we wait for 
overseas developments. On the report, carryout was 743 million bushels expected 
vs. 740 last month. Open weather should allow the remaining winter wheat to 
continue to establish better stands. Matif wheat has firmed as well as it tries 
to reestablish momentum. On the KC December chart resistance is the 20-day at 
$6.57. 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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