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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
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