DTN Midday Grain Comments     11/05 10:56

   Soybean Futures Higher at Midday; Corn, Wheat Flat to Higher

   Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures 
are 3 to 4 cents higher; wheat futures are flat to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures 
are 3 to 4 cents higher; wheat futures are flat to 2 cents higher. The U.S. 
stock market is firmer at midday with the S&P 57 points higher. The U.S. Dollar 
Index is 30 points lower. The interest rate products are weaker. Energy trade 
is firmer with crude up 1.00 with natural gas .05 lower. Livestock trade is 
mixed with cattle leading. Precious metals are firmer with gold up 3.40.

CORN:

   Corn futures are flat to a penny higher at midday in quiet trade with spread 
action remaining lightly firmer with choppy action likely to continue short 
term as we wait for election results. Ethanol margins should remain rangebound 
in the short term. Rains look to continue for much of the Corn Belt through the 
middle of the week to slow remaining harvest and improve fall fieldwork 
potential for the second half of the month. Weekly crop progress showed harvest 
91% complete versus 75% on average. The daily export wire saw 124,000 metric 
tons (mt) of corn sold to unknown destinations, keeping the pace active. Basis 
action is starting to firm in the areas that have are done with harvest but is 
still mostly flat. On the December chart, the 20-day moving average at $4.12 
7/8, with the recent high at $4.24 the next round up.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with trade once again 
trying to push January past $10.00 with spreads firming a bit as well in a 
narrower range than we've seen recently. Meal is flat to 1.00 higher and oil is 
40 to 50 points lower. Remaining harvest will likely linger into the middle of 
the month with the coming rains. The weekly crop progress report showed harvest 
94% complete versus 85% on average, while South America continues to see little 
short term issue. Basis should start to recover further from harvest pressure 
with some processors in the west firming. On the January chart, trade has 
support at the fresh lows at $9.77 with the 20-day moving average at $10.01, 
the next level up, which we are just above at midday.

WHEAT:

   Wheat futures are flat to 2 cents higher at midday with KC action leading 
and two-sided action likely to continue as spreads firm. The storms are 
expected to bring good coverage to the Plains into midmonth. The weekly crop 
progress report showed planting at 87% versus 89% on average; 66% emerged 
versus 71% on average; and 41% good to excellent, up 3%, with 23% poor to very 
poor. MATIF wheat is flat Tuesday morning with the dollar holding Monday's 
losses. On the KC December chart, support is the lower Bollinger Band at $5.57 
and resistance the 20-day moving average at $5.84.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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