DTN Midday Grain Comments 11/02 10:45

DTN Midday Grain Comments 11/02 10:45 Soybeans Up; Corn, Wheat Down Midday Tuesday Corn trade is 2 to 3 cents lower, beans are 3 to 4 cents higher and wheat is 2 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow up 110 points. The U.S. Dollar Index is 0.07 higher. Interest rate products are firmer. Energies are mixed with crude down $0.90. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up $9.50. CORN: Corn trade is 2 to 3 cents lower at midday Tuesday with soft spread trade and action backing off the fresh highs scored overnight with spillover weakness from wheat. Ethanol margins will continue to support near-term production as we continue to struggle to catch up on stocks with natural gas values popping back so far Tuesday. Basis should remain steady to firmer short term as harvest pressure eases and more open weather likely to help harvest. Wetter weather is keeping things slower with harvest at 74% complete versus 66% on the five-year average. On the December contract, we have resistance at the fresh high of $5.83, with the upper Bollinger Band at $5.78. which we are edging back below at midday, and the 20-day moving average as support at $5.40. SOYBEANS: Soybean trade is 3 to 4 cents higher at midday with soft spread action as trade remains squarely within the recent range and showing less action than the grains in recent days. Meal is $4.00 to $5.00 higher and oil is flat to 0.10 cent lower. South America continues to make good progress short term with major issues limited so far. Weekly harvest progress was 79% complete versus 81% on average. Further export sales are expected to be announced this week. On the January soybean chart, support is the 20-day at $12.39 with the recent high at $12.66 1/2 the next round up, with further support at the lower Bollinger Band at $12.08. WHEAT: Wheat trade is 2 to 8 cents lower with trade fading back from fresh highs scored overnight with Chicago action leading at midday. The dollar is holding just below 94 points on the index again but headwinds remain limited for now. Spring wheat is holding a 2.71-cent premium to Chicago, with KC at 5-cent premium in weaker action. Weather in the Plains had some moisture to boost early stands but remains mixed into next week with weekly crop progress showed good to excellent at 45% and poor to very poor at 21% down 1%, with planting at 87% versus 86% on average, with 67% emerged versus 68% on average. KC December chart support is at the 20-day at $7.60 with resistance at the upper Bollinger Band at $8.08, which we are above overnight with the fresh high at $8.14. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.