DTN Midday Grain Comments     11/04 10:50

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

   Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures 
are 9 to 11 cents lower; wheat futures are flat to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures 
are 9 to 11 cents lower; wheat futures are flat to 3 cents lower. The U.S. 
stock market is firmer at midday with the S&P up 100 points. The U.S. Dollar 
Index is 28 points lower. The interest rate products are firmer. Energy trade 
is mostly weaker with crude off 4.20 and natural gas up .04. Livestock trade is 
broadly lower. Precious metals are sharply higher with gold 110.00 higher.

CORN:

   Corn futures are flat to a penny higher with another set of fresh lows 
scored on broad weakness initially overnight before we firmed back toward the 
day session, but sustained buying remains in short supply. Weekly ethanol 
production was up by 25,000 barrels per day (bpd) and stocks declined by 
100,000 barrels on the week. Basis should continue to firm seasonally as 
harvest winds down. The daily wire was quiet after the early week sales with 
weekly sales expected to be 750,000 to 950,000 metric tons (mt). Harvest should 
resume with more open short-term weather for most once we dry from the recent 
rains. On the December chart, the 20-day moving average at $4.72 1/2 is nearby 
resistance. Chart support is at the $4.33 lower Bollinger Band and $4.38 1/2 
fresh low area.

SOYBEANS:

   Soybean futures are 9 to 11 cents lower at midday with broad product 
weakness as we scored another set of fresh lows for the move with action 
firming back a little in the day session. Meal is 1.00 to 2.00 lower and oil is 
120 to 130 points lower. The last stretch of harvest should resume toward the 
end of the week. The daily export wire saw sales of 167,000 mt sold to Spain 
with weekly sales expected to be in the 1.0 to 1.25 million metric ton (mmt) 
range Thursday. Basis should start to firm as shipping and processors chew 
through the harvest bushels. On the January contract, support is the fresh low 
at $11.98 3/4 with resistance the 20-day moving average at $12.66.

WHEAT:

   Wheat futures are flat to 3 cents lower with trade staying deeply oversold 
at the lower end of the range as spillover pressure from row crops continue 
with little other fresh news. Open weather should allow the remaining winter 
wheat to continue to establish with more seasonal weather in the near term. 
Matif wheat is lower as well with the Euro firming. Weekly export sales are 
expected to be in the 200,000 to 400,000 mt range. On the KC December chart, 
resistance is the 20-day moving average at $6.76. Chart support is the fresh 
low at $6.29.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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