DTN Midday Grain Comments 11/11 10:50

DTN Midday Grain Comments 11/11 10:50 Grain Futures Higher Midday Friday Corn trade is 3 to 4 cents higher; beans are 27 to 29 cents higher and wheat is 9 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 3 to 4 cents higher; beans are 27 to 29 cents higher and wheat is 9 to 13 cents higher. The U.S. stock market is mixed with the Dow off 295 points. The U.S. Dollar Index is 150 points lower. Interest rate products are weaker. Energies are mostly higher with crude up $2.65 and natural gas off $0.02. Livestock trade is weaker. Precious metals are mixed with gold up $13.00. CORN: Corn trade is 3 to 4 cents higher at midday with trade working to consolidate at the lower end of the range. Oversold conditions are developing, and better outside market support is seen thus far Friday with trade struggling to hold the highs. The daily export wire was quiet Friday after the midweek action. Ethanol margins remain rangebound with corn values and driving demand choppy short term. Fall fertilizer should be able to make better progress short term as temps cool back down into the weekend for most. Basis has remained steady as transportation issues get worked on with the West remaining very stout. On the December chart, trade is just below the lower Bollinger Band at 6.58 with the fresh low at $6.52 3/4 below that and the 20-day well above current action at $6.79. SOYBEANS: Soybean trade is 27 to 29 cents higher at midday with trade jumping back to the upper end of the range on the spillover support from China relaxing COVID-19 rules, while South American weather remains a bit mixed short term. Meal is $5.00 to $6.00 higher and oil is 1.20 cents to 1.30 cents higher, shoring up crush margins. Basis may ease if board strength is sustained, and late week rains add to river improvement with some gains in flow to start the week and flat action in recent days. Trade will see increasing focus on South American weather coming forward with mixed forecasts, with shipping concerns easing from Brazil. On the January chart, trade is remains above the 20-day at $14.18 with the upper Bollinger Band just above current action at $14.74, as well as the fresh high at $14.69. WHEAT: Wheat trade is 9 to 13 cents higher at midday with trade working a bit off the highs after early two-sided action as we work to consolidate support in the lower end of the range again. Spread action is flat so far. Fresh political developments will be watched for with the initial end date for the corridor coming up mid-month and Russia apparently withdrawing from Kherson. The Plains could see better moisture in the west in the second week with significant ground to make up, with snow potential for some of the driest areas. Argentina continues to struggle with dryness as well while Australia sees flooding. On the chart, KC December action is below the 20-day at $9.45, but we tested it Friday morning briefly with the lower Bollinger Band at $9.13. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.