DTN Midday Grain Comments 11/22 10:58

DTN Midday Grain Comments 11/22 10:58 Corn, Soybean, Wheat Futures Flat to Lower at Midday Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are flat to 2 cents lower; wheat futures are flat to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are flat to 2 cents lower; wheat futures are flat to 7 cents lower. The U.S. stock market is firmer with the DOW up 270 points. The U.S. Dollar Index is 35 points lower. Interest rate products are firmer. Energies are mostly firmer with crude up 1.55 and natural gas up .20. Livestock trade is lightly mixed. Precious metals are firmer with gold up 2.00. CORN: Corn futures are 1 to 2 cents lower at midday with light, two-sided action so far as trade continues to work along the lower end of the range ahead of the Thanksgiving break. Spread action is flat after softening Monday. Ethanol margins remain rangebound with corn values and driving demand expected to slow further after Thanksgiving. Fall fertilizer should be able to make better progress short term as temps return to above normal. Basis has remained steady as transportation issues get worked on with the West starting to soften a bit in spots. The weekly Crop Progress report showed harvest at 96% complete versus 90% on average. 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 flat to 2 cents lower with trade continuing to chop along the middle part of the range with little fresh news or change to the weather pattern in South America with moments of strong action during the day session. Meal is $1.00 to $2.00 lower and oil is 95 to 105 points higher. Basis has held together well with little change in recent days. The daily export wire has been quiet in recent days. Harvest was shown as complete on the weekly report. On the January chart, trade is just above the 20-day moving average at $14.34 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 $13.93. WHEAT: Wheat futures were flat to 7 cents lower with firmer spread action again as trade continues to consolidate the lower end of the range with strength evaporating on the early attempts to push action higher. The dollar fading from the highs should add some support if sustained. 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 has harvest starts up. Matif wheat has firmed the last couple of sessions with more gains at midday. The weekly Crop Progress report showed 87% emerged versus 86% on average, with 32% good to excellent and 33% poor to very poor, slightly lower on the week. 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.