DTN Midday Grain Comments 11/18 10:49

DTN Midday Grain Comments 11/18 10:49 Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 11 to 13 cents higher; wheat futures are flat to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 11 to 13 cents higher; wheat futures are flat to 5 cents lower. The U.S. stock market is firmer with the DOW up 200 points. The U.S. Dollar Index is 10 points lower. Interest rate products are weaker. Energies are mostly weaker with crude down 2.05 and natural gas up .05. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold down 5.00. CORN: Corn futures are 3 to 4 cents higher at midday with trade working back toward the middle of the range after rebounding Thursday from tests of support with fresh market-moving news limited. The daily export wire was quiet again after midweek action. Spread action is flat to slightly softer Friday. 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 11 to 13 cents higher at midday with trade working to firm back off the lower end of the recent range with crush margins stabilizing and little change to world weather. Meal is $4.50 to $5.50 higher and oil is 50 to 60 points higher. Basis has held together well with little change in recent days. The daily export wire remained quiet again. 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 right at the 20-day moving average at $14.28 with the Upper Bollinger Band above current action at $14.78, as well as the fresh high at $14.69, and further support the lower Bollinger Band at $13.79. WHEAT: Wheat futures are flat to 5 cents lower with trade consolidating at the lower end of the range, and Chicago wheat trying to lead trade. Spread action is flat to firm still with the dollar providing a headwind with a slight rebound. 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. Matif wheat has firmed the last couple of sessions as well. On the chart, KC December action has faded below the 20-day moving average at $9.46 and the lower Bollinger band at $9.13 is further support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.