DTN Midday Grain Comments     11/24 10:55

   Corn Futures Flat-Higher at Midday Monday; Soybeans Lower; Wheat Flat-Lower

   Corn futures are flat to 1 cent higher at midday Monday; soybean futures are 
1 to 2 cents lower; wheat futures are flat to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Monday; soybean futures are 
1 to 2 cents lower; wheat futures are flat to 6 cents lower. The U.S. stock 
market is firmer at midday with the S&P 90 points higher. The U.S. Dollar Index 
is flat. The interest rate products are mixed. Energy trade is mixed with crude 
.20 higher and natural gas is .06 lower. Livestock trade has cattle limit 
lower, and hogs mixed. Precious metals are mixed with gold up 12.00.

CORN:

   Corn futures are flat to 1 cent higher with trade edging a little higher at 
midday after early weakness. Ethanol margins should get some support from corn 
holding the lower end of the range with blender margins likely to get a boost 
from holiday travel. Export-wise, we saw nothing on the daily wire today for 
corn. Weekly export inspections remained strong at 1.632 million metric tons 
(mmt) with year-to-date pace at 172%. Basis should continue to stabilize and 
firm in most areas with the well-above-normal fall shipment and usage pace. On 
the December chart, resistance is the 20-day moving average at $4.32, which we 
closed just below, with the lower Bollinger Band at $4.24 as the next level of 
support, which we tested overnight.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday with broad product weakness 
fading back to test nearby support again. Meal is flat to 1.00 lower and oil is 
25 to 35 points lower. South American weather continues to keep overall 
concerns limited as we get deeper in the growing season with some holes 
remaining. Basis gains will likely slow as crush gains fade and export 
shipments need to catch up further. The daily export wire saw another 123,000 
metric tons (mt) of soybeans sold to China. Weekly export inspections were 
disappointing at 799,042 mt, with year-to-date pace at 55%. On the January 
chart, resistance is the $11.69 1/2 area where we find the fresh high from 
earlier in the week with the 20-day moving average, which we are testing at 
midday, at $11.22 as support.

WHEAT:

   Wheat futures are flat to 6 cents lower at midday with trade again testing 
support with buying interest limited along with fresh news. Weather should 
remain mostly favorable for the Plains in the short-term with cooler weather 
expected into the end of the month to push us toward dormancy. Weekly Crop 
Progress is expected to show steady conditions for the last report of the year. 
MATIF wheat is weaker to start the week. Weekly export inspections improved a 
bit at 474,530 mt with year-to-date pace at 120%. On the KC December chart, 
resistance is the 20-day moving average at $5.22, which we closed just below, 
with the support at the lower Bollinger Band at $5.06, which we are testing at 
midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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