DTN Midday Grain Comments 11/15 10:48

DTN Midday Grain Comments 11/15 10:48 Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 5 to 6 cents higher; wheat futures are flat to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 5 to 6 cents higher; wheat futures are flat to 10 cents lower. The U.S. stock market is firmer with the DOW up 295 points. The U.S. Dollar Index is 40 points lower. Interest rate products are firmer. Energies are lightly firmer with crude up .25 and natural gas up .10. Livestock trade is mixed. Precious metals are weaker with gold off 2.00. CORN: Corn futures are 1 to 2 cents higher with trade continuing to work the lower end of the range with firmer action during the day session with flat spread action so far. The daily export wire saw some life Tuesday with Mexico returning to secure 230,185 metric tons (mt). Ethanol margins remain rangebound with corn values and driving demand 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 showed harvest at 93% complete versus 85% on average. On the December chart, trade is solidly above the lower Bollinger Band at $6.51 with the fresh low at $6.52 3/4 just above that and the 20-day moving average well above current action at $6.76. SOYBEANS: Soybean futures are 5 to 6 cents higher with trade settling into the middle of the range with little fresh news to move things significantly in either direction as South American weather remains stable short term and harvest is effectively complete. Meal is flat to $1.00 higher and oil is 45 to 65 points higher. Basis may ease if board strength is sustained and river movement holds together and flat action in recent days. Weekly crop progress showed harvest at 96% complete versus 91% on average. Mexico also secured 261,272 mt of soybeans for import. 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 moving average at $14.23 with the Upper Bollinger Band above current action at $14.77, as well as the fresh high at $14.69. WHEAT: Wheat futures are flat to 10 cents lower with spring wheat leading as trade continues to consolidate the recent range with higher protein wheat remaining favored. Spread action is soft 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 were up 2% at 32% good to excellent, and 32% poor to very poor with 96% planted versus 93% on average, and 81% emerged same as average. 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 $9.46 with the solid close and 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.