DTN Midday Grain Comments 11/03 10:56

DTN Midday Grain Comments 11/03 10:56 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 14 to 16 cents lower; 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 Thursday; soybean futures are 14 to 16 cents lower; wheat futures are 3 cents lower to 5 cents higher. The U.S. stock market is softer with the DOW off 160 points. The U.S. Dollar Index is 125 points. Interest rate products are weaker. Energies are mostly lower with crude off 1.30 and natural gas off .15. Livestock trade is mostly lower. Precious metals are 20.00 lower. CORN: Corn futures are 5 to 6 cents lower at midday with trade setting back to the lower end of the range with outside market pressure and little other fresh news to encourage buyers with trade working just off the lows of the day. Ethanol margins remain rangebound with corn values and driving demand choppy short term. Harvest should continue to push toward the homestretch will some fall fertilizer application underway, with potential improvement in conditions in the west toward the end of the week. Basis will likely remain mixed with river issues persisting while the market works to move bushels west with rains potentially bringing more relief into the weekend. The export wire has remained quiet in recent days limiting demand optimism. Weekly sales remained soft at 372,200 metric tons (mt). On the December chart, trade is back below the 20-day moving average at $6.87 with the lower Bollinger Band at $6.75 as further support. Further resistance is at the $6.99 upper Bollinger Band. SOYBEANS: Soybean futures are 14 to 16 cents lower at midday with trade fading back from the highs as we look to consolidate gains after the midweek strength with little fresh bullish news in recent days. Meal is $7.50 to $8.50 lower and oil is narrowly mixed as crush margins work to stabilize after narrowing early in week. Basis may ease if board strength is sustained and late-week rains add to river improvement. Weekly export sales were disappointing at 830,200 mt, 122,200 of meal, and -2,400 of oil. Trade will see increasing focus on South American weather coming forward, along with a focus on any short-term shipping disruptions in Brazil, which likely will keep action volatile. On the January chart, trade is well above the 20-day moving average at $14.02 with the Upper Bollinger Band just above current action at $14.44 and the fresh high at $14.58. WHEAT: Wheat futures are 3 cents lower to 5 cents higher with KC leading action back from early lows with dollar strength limited upside while weather and political uncertainty will keep support under action. Spring wheat is the leader overnight with spread action flat overall. Fresh political developments will be watched for with the initial end date for the corridor coming up at mid-month even with the "Will they?/Won't they?" moves at midweek. Weekly export sales were a little better at 348,100 mt. The Plains continue to look dry in the short term except for the east. Argentina continues to struggle with dryness as well. On the chart, KC December action broke back below the 20-day moving average at $9.56 Wednesday with the lower Bollinger band at $9.07 as further support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.