DTN Midday Grain Comments 11/23 10:49

DTN Midday Grain Comments 11/23 10:49 Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 2 to 3 cents lower; wheat futures are 2 cents lower to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 2 to 3 cents lower; wheat futures are 2 cents lower to 7 cents higher. The U.S. stock market is firmer with the DOW up 80 points. The U.S. Dollar Index is 85 points lower. Interest rate products are firmer. Energies are widely mixed with crude off 3.55 and natural gas up .65. Livestock trade is mostly lower. Precious metals are firmer with gold up 4.00. CORN: Corn futures are 1 to 2 cents higher at midday with trade working sideways as we head toward the Thanksgiving break along with little other fresh news. The daily export wire will be watched if the recent sales pace can hold up with nothing to start the week. Spread action is flat after firming Tuesday ahead of March becoming the front month. Ethanol margins remain rangebound with corn values and driving demand expected to slow further after Thanksgiving. The weekly ethanol report showed production up by 30,000 barrels per day (bpd), and stocks up by 1.5 million barrels. 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 $6.46 with the fresh low at $6.52 3/4 just above that and the 20-day moving average above current action at $6.71. SOYBEANS: Soybean futures are 2 to 3 cents lower at midday with trade continuing to chop along the middle part of the range. Trade is likely to drift into the break with little change to weather in South America short term. Meal is flat to $1.00 higher, and oil is 10 to 20 points higher. Basis has held together well with little change in recent days. The daily export wire showed some life today with 110,000 metric tons (mt) going to China. On the January chart, trade is just below the 20-day moving average at $14.35 with the Upper Bollinger Band above current action at $14.71, as well as the fresh high at $14.69, and further support the lower Bollinger Band at $13.99. WHEAT: Wheat futures are 2 cents lower to 7 cents higher in low volume action again at the lower end of the range with spring wheat continuing to lead with trade trying to score a reversal into the break. 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 while Australia sees flooding as harvest starts up. Matif wheat has firmed the last couple of sessions before fading Wednesday. On the chart, KC December action has faded below the 20-day moving average at $9.44 and the lower Bollinger band at $9.01 is further support where we find the fresh low scored today. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.