DTN Midday Grain Comments 11/21 10:48

DTN Midday Grain Comments 11/21 10:48 Corn, Wheat Futures Lower at Midday; Soybeans Narrowly Mixed Corn futures are 8 to 9 cents lower at midday Monday; soybean futures are narrowly mixed; wheat futures are 4 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 9 cents lower at midday Monday; soybean futures are narrowly mixed; wheat futures are 4 to 11 cents lower. The U.S. stock market is weaker with the DOW down 100 points. The U.S. Dollar Index is 90 points higher. Interest rate products are firmer. Energies are mostly weaker with crude down 4.75 and natural gas up .35. Livestock trade is mostly higher with cattle leading. Precious metals are weaker with gold down 19.00. CORN: Corn futures are 8 to 9 cents lower at midday with trade chopping along the lower end of the range heading into the short week with little fresh news to move the market and negative outside influences. The daily export wire will be watched to see if the recent sales pace can hold up with nothing to start the week. Weekly export inspections were still soft Monday at 495,395 metric tons (mt). Spread action is flat to slightly softer to start the week. Ethanol margins remain rangebound with corn values and driving demand. Basis has remained steady as transportation issues get worked on with the West starting to soften a bit in spots. 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 $6.73. SOYBEANS: Soybean futures are narrowly mixed at midday with short-term rain expected in Brazil while Argentina remains mixed with trade working the lower end of the range to start the week. Meal is $3.00 to $4.00 higher, and oil is 100 to 110 points lower. Basis has held together well with little change in recent days. The daily export wire has been quiet in recent days. Weekly export inspections were solid at 2.329 million metric tons (mmt). Harvest should show as effectively complete on today's USDA weekly Crop Progress report. On the January chart, trade is just below the 20-day moving average at $14.30 with the Upper Bollinger Band above current action at $14.75, as well as the fresh high at $14.69, and further support the lower Bollinger Band at $13.87. WHEAT: Wheat futures are 4 to 11 cents lower at midday with the higher protein wheats leading to start the week as trade continues to work the lower end of the recent range with some two-sided action at time. Spread action is flat to firm with the dollar providing a headwind with the sharp bounce Monday morning. 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 with flat action to start the week. Weekly export inspections improved a bit at 279,904 mt, with planting and emergence about wrapped up for fall with steady to slightly higher conditions for the last national numbers for the year. On the chart, KC December action has faded below the 20-day moving average at $9.46 and the lower Bollinger band at $9.12 is further support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.