DTN Midday Grain Comments 11/16 10:52

DTN Midday Grain Comments 11/16 10:52 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 4 to 6 cents lower at midday Wednesday; soybean futures are 25 to 26 cents lower; wheat futures are 10 to 17 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 6 cents lower at midday Wednesday; soybean futures are 25 to 26 cents lower; wheat futures are 10 to 17 cents lower. The U.S. stock market is mixed with the DOW up 10 points. The U.S. Dollar Index is 20 points lower. Interest rate products are firmer. Energies are weaker with crude down 2.35 and natural gas off .15. Livestock trade is mixed. Precious metals are mixed with gold up 4.50. CORN: Corn futures are 4 to 5 cents lower at midday as trade gives back the late-session gains as the situation calms after missiles strayed into Poland; but futures remain solidly off the week lows. The daily export wire saw some life again Wednesday with Mexico returning to secure 1.24 million metric tons (mmt) of old crop and 624,480 metric tons (mt) of new. Ethanol margins remain rangebound with corn values and driving demand choppy short term. The weekly ethanol report is likely to showing production edging 40,000 barrels per day (bpd) lower and stocks off 894,000 barrels. 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. 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 25 to 26 cents lower with trade giving back the late-session gains as well with little change to the short-term outlook in South America or crush margins near term with oil the downside leader Wednesday. Meal is $3.50 to $4.50 lower and oil is 270 to 280 points lower. Basis has held together well with little change in recent days. The daily export wire was quiet Wednesday. 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 just above the 20-day moving average at $14.27 with the Upper Bollinger Band above current action at $14.79, as well as the fresh high at $14.69. WHEAT: Wheat futures are 10 to 17 cents lower at midday with higher protein wheats continuing to hold up better as trade fades back to the lower end of the range as the longs that piled in Tuesday on news get liquidated; but we have been able to firm off the lows. Spread action is flat to firm so far. Fresh political developments will be watched for with the initial end date for the grain export corridor coming up this weekend. The Plains saw cold over the weekend, which is expected to continue this week with precipitation remaining limited short term. 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 $9.47 after testing overnight 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.