DTN Midday Grain Comments 11/30 10:48
11/30/2022 - 11:19:00
DTN Midday Grain Comments 11/30 10:48 Corn Futures Lower at Midday; Soybeans Higher; Wheat Mixed Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 3 to 4 cents higher; wheat futures are 3 cents lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 3 to 4 cents higher; wheat futures are 3 cents lower to 5 cents higher. The U.S. stock market is mixed with the DOW off 140 points. The U.S. Dollar Index is 20 points higher. Interest rate products are weaker. Energies are mixed with crude up 1.90 and natural gas off .35. Livestock trade is firmer. Precious metals are firmer with gold up 5.00. CORN: Corn futures are 4 to 5 cents lower with March becoming the front month as December goes into delivery with little fresh news as rangebound action continues with trade fading during the day session. Ethanol margins remain rangebound with corn values and driving demand expected to slow further until closer to Christmas travel. Weekly ethanol production was off 23,000 barrels per day (bpd) and stocks were 105,000 barrels higher. Fall fertilizer should be able to make better progress short term as temps fluctuate near term. Basis has remained steady as transportation issues get worked on with the West starting to soften more as end users build coverage. On the March chart, trade is solidly above the lower Bollinger Band at $6.53 with the fresh low at $6.54 1/2 just above that and the 20-day moving average just above current action at $6.71. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday with a fresh high for the move being scored early in the session before fading as trade watches for export demand and crush margin strength, while South American weather remains mixed. Meal is $8.50 to $9.50 higher, and oil is 110 to 120 points lower. Basis has held together well with little change in recent days. The daily export wire showed China buying 136,000 metric tons (mt) of soybeans today. On the January chart, trade is working well above the 20-day moving average at $14.44 with the Upper Bollinger Band above current action at $14.74, as well as the fresh high at $14.78, and further support the lower Bollinger Band at $14.15. WHEAT: Wheat futures are 3 cents lower to 5 cents higher at midday with trade still struggling to find positive momentum ahead of delivery with KC action working to take the lead this morning as we try to confirm a reversal amid oversold conditions. The dollar fading from the highs should add some support if we can remain at the lower end of the range with the early weakness turning to mild strength again. The Plains look to remain mostly dry short term with cooler and wetter potential the second week. The weekly Crop Progress report showed good to excellent one percentage point better at 34%, with poor to very poor at 26% on 91% emergence. Southern Hemisphere harvest will be moving forward soon with quality issues in Australia and drought losses in Argentina. Matif wheat is trying to sustain momentum as well with slightly firmer action so far Wednesday. On the chart, KC March action has faded well below the 20-day moving average at $9.27 and the lower Bollinger band at $8.88 is further support with the fresh low at $8.84 scored yesterday just below that. David Fiala can be reached at firstname.lastname@example.org Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.