DTN Midday Grain Comments 11/17 11:03

DTN Midday Grain Comments 11/17 11:03 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 16 to 18 cents lower; wheat futures are 17 to 20 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 16 to 18 cents lower; wheat futures are 17 to 20 cents lower. The U.S. stock market is weaker with the DOW down 220 points. The U.S. Dollar Index is 90 points higher. Interest rate products are weaker. Energies are mostly weaker with crude down 3.45 and natural gas up .15. Livestock trade is mixed with cattle leading. Precious metals are weaker with gold down 15.00. CORN: Corn futures are 5 to 6 cents lower at midday with action sinking back to the lower end of the range with economic worries setting the tone for commodities so far. The daily export wire was quiet after Wednesday, but weekly sales were stronger at 1.17 million metric tons (mmt). Ethanol margins remain rangebound with corn values and driving demand fading 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. On the December chart, trade is solidly above the lower Bollinger Band at $6.50 with the fresh low at $6.52 3/4 just above that and the 20-day moving average above current action at $6.75. SOYBEANS: Soybean futures are 16 to 18 cents lower at midday with outside market pressure and little other fresh bullish news as weather shows little short-term change for South America and the export front has been quiet this week. Meal is $2.00 to $3.00 lower, and oil is 230 to 240 points lower. Basis has held together well with little change in recent days. The daily export wire remained quiet with weekly sales strong at 3.03 mmt, meal at 267,100 metric tons (mt), and 400 of oil. Trade will see increasing focus on South American weather coming forward with mixed forecasts and shipping concerns easing from Brazil. On the January chart, trade has faded below 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, and further support the lower Bollinger Band at $13.77. WHEAT: Wheat futures are 17 to 20 cents lower with trade fading back to the lower end of the recent range with the broad risk-off action along with the grain corridor extension. Spread action is flat to firm still with the dollar providing a headwind with the morning strength. The Plains look to remain mostly dry short term with a warm-up into next week. Argentina continues to struggle with dryness as well while Australia sees flooding. Weekly export sales were in line with recent weeks at 290,300 mt. On the chart, KC December action has faded below the 20-day moving average at $9.47 and the lower Bollinger band at $9.14 is further support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.