DTN Midday Grain Comments 11/04 10:50

DTN Midday Grain Comments 11/04 10:50 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 23 to 25 cents higher; wheat futures are 5 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 23 to 25 cents higher; wheat futures are 5 to 10 cents higher. The U.S. stock market is firmer with the DOW up 315 points. The U.S. Dollar Index is 175 points lower. Interest rate products are weaker. Energies are firmer with crude up 3.40 and natural gas up .10. Livestock trade is mixed. Precious metals are firmer with gold up 45.00. CORN: Corn futures are 1 to 2 cents higher at midday with two-sided trade as buying remains limited amid little fresh corn-specific news, and risk-on trade adding support overall. Ethanol margins remain rangebound with corn values and driving demand choppy short term. Harvest should continue to push toward the homestretch with some fall fertilizer application underway, with potential improvement in conditions in the west as rains fall. Basis will likely remain mixed with river issues persisting while the market works to move bushels west with rains hopefully boosting navigation possibilities near term. The export wire has remained quiet in recent days limiting demand optimism. 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 23 to 25 cents higher at midday with trade bouncing back to the upper end of the range with spillover support from energies as we work to consolidate the weekly gains. Meal is $4.50 to $5.50 higher and oil is 175 to 185 points higher. Basis may ease if board strength is sustained and late-week rains add to river improvement. Trade will be looking for confirmation of further export sales to get excited with nothing hitting the daily wire this week. Trade will see increasing focus on South American weather coming forward with mixed forecasts, along a focus on any short-term shipping disruptions in Brazil which likely keeps action volatile. On the January chart, trade is well above the 20-day moving average at $14.05 with the Upper Bollinger Band just above current action at $14.52, and the fresh high at $14.65. WHEAT: Wheat futures are 5 to 10 cents higher at midday with Minneapolis action leading as some beneficial rains fall on the Plains and risk-on sentiment across commodities shows up this morning with trade shaking off some early session selling. Spread action is a bit firmer as well with trade looking to consolidate part of the early week gains after the volatile action we've seen this week. Fresh political developments will be watched for with the initial end date for the Ukraine shipping corridor coming up at mid-month. The Plains could see better moisture in the west in the second week with significant ground to make up. 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 further support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.