DTN Midday Grain Comments 11/25 10:33

DTN Midday Grain Comments 11/25 10:33 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 2 to 4 cents higher; wheat futures are 3 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 2 to 4 cents higher; wheat futures are 3 to 6 cents higher. The U.S. stock market is mixed with the DOW up 175 points. The U.S. Dollar Index is 85 narrowly mixed. Interest rate products are mixed. Energies are flat with crude and natural gas off a dime. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold up 4.00. CORN: Corn futures are 4 to 5 cents higher at midday with December options expiring, low volume holiday trade and limited fresh news. Weekly export sales were strong at 1.850 million metric tons (mmt). Spread action is a little softer as the December contract heads toward delivery next week. Ethanol margins remain rangebound with corn values and driving demand expected to slow further after Thanksgiving, along with natural gas values firming. Fall fertilizer should be able to make better progress short term before cooler temps return later. 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 4 cents higher at midday with trade continuing to chop along the middle part of the range and likely to drift into the weekend with little change to weather in South America short term and spillover from the energy markets remaining weak. Meal is flat to $1.00 higher, and oil is narrowly mixed. Basis has held together well with little change in recent days. Weekly export sales were soft overall at 690,100 metric tons (mt), while products were strong at 516,400 mt of meal, and oil was soft at -100. 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 at the lower Bollinger Band at $13.99. WHEAT: Wheat futures are 3 to 6 cents higher in low volume action with the March contracts starting to lead ahead of delivery with KC showing the most life as trade works to ease oversold conditions. The dollar fading from the highs should add some support if sustained. The Plains look to remain mostly dry short term with some areas catching rain this weekend and a colder and wetter second week forecast. Argentina continues to struggle with dryness while Australia sees flooding as harvest starts up. Matif wheat has held the upper end of the recent range as trade watches Black Sea developments. Weekly export sales were good at 511,800 mt. 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.