DTN Midday Grain Comments 11/14 11:00

DTN Midday Grain Comments 11/14 11:00 Corn Futures Mixed at Midday; Soybeans Lower; Wheat Higher Corn futures are narrowly mixed at midday Monday; soybean futures are 10 to 12 cents lower; wheat futures are 6 to 16 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 10 to 12 cents lower; wheat futures are 6 to 16 cents higher. The U.S. stock market is mixed with the DOW up 55 points. The U.S. Dollar Index is 60 points higher. Interest rate products are weaker. Energies are mixed with crude off 1.65 and natural gas up .45. Livestock trade is mixed. Precious metals are mixed with gold up 2.00. CORN: Corn futures are narrowly mixed at midday with firmer spread action as trade continues to work the lower end of the recent range with little fresh news to move action. The daily export wire saw some life last week with more action needed to get trade less concerned about forward demand with nothing new Monday. Weekly export inspections worked slightly higher at 484,001 metric tons (mt) but were still soft seasonally. 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. Basis has remained steady as transportation issues get worked on with the West remaining very stout. Weekly Crop Progress should show harvest effectively complete. On the December chart, trade is just above the lower Bollinger Band at $6.54 with the fresh low at $6.52 3/4 below that and the 20-day moving average well above current action at $6.78. SOYBEANS: Soybean futures are 10 to 12 cents lower at midday as trade continues to work the upper end of the recent range after rebounding to close last week as we wait to see short-term demand development with trade unable to hold early day-session strength. Meal is $2.50 to $3.50 lower, and oil is 90 to 100 points lower. 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. Weekly export inspections were disappointing at 1.858 million metric tons (mmt). Weekly crop progress should show harvest effectively complete. 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 remains above the 20-day moving average at $14.21 with the Upper Bollinger Band just above current action at $14.77, as well as the fresh high at $14.69. WHEAT: Wheat futures are 6 to 16 cents higher at midday with higher protein wheat leading again as we get closer to the decisions on extending the grain corridor along with the Plains weather likely to remain challenging for crop development short term. Spread action is flat so far. Fresh political developments will be watched for with the initial end date for the corridor coming up this weekend. The Plains saw cold over the weekend, which is expected to continue this week with precipitation remaining limited. Weekly crop conditions are likely to remain steady at the lower end of the range. Weekly export inspections were disappointing at 76,408 mt. Argentina continues to struggle with dryness as well while Australia sees flooding. On the chart, KC December action is just above the 20-day moving average at $9.45 at midday with the lower Bollinger band at $9.14 as further support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.