DTN Midday Grain Comments 11/29 10:46

DTN Midday Grain Comments 11/29 10:46 Soybean Futures Higher at Midday; Corn, Wheat Mixed Corn futures are narrowly mixed at midday Tuesday; soybean futures are 6 to 7 cents higher; wheat futures are flat to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Tuesday; soybean futures are 6 to 7 cents higher; wheat futures are flat to 5 cents higher. The U.S. stock market is weaker with the DOW off 170 points. The U.S. Dollar Index is 10 points higher. Interest rate products are weaker. Energies are firmer with crude up .80 and natural gas up .15. Livestock trade is firmer. Precious metals are firmer with gold up 9.00. CORN: Corn futures are narrowly mixed at midday with trade continuing to chop around rangebound with firmer spreads ahead of the December contract going into delivery. The daily export wire will be watched to see if sales pick up again as we fade to the lower end of the range and come out of the holiday break with nothing to start the week. Ethanol margins remain rangebound with corn values and driving demand expected to slow further until closer to Christmas travel. Fall fertilizer should be able to make better progress short term as temps fluctuate near term. Basis has remained steady as transportation issues get worked on with the West starting to soften a bit in spots. On the March chart, trade is solidly above the lower Bollinger Band at $6.50 with the fresh low at $6.54 1/2 just above that and the 20-day moving average just above current action at $6.72. SOYBEANS: Soybean futures are 6 to 7 cents higher with trade working on consolidating the gains seen Monday as the energy rebound put life back into soybeans, while South American weather remains mixed short term. Meal is $2.00 to $3.00 lower, and oil is 25 to 35 points lower. Basis has held together well with little change in recent days. The daily export wire has been limited in recent days with China demand likely to be an ongoing concern with the continued shutdowns and unrest going forward with no export notices hitting the wire Tuesday. On the January chart, trade is working just above the 20-day moving average at $14.42 with the Upper Bollinger Band above current action at $14.68, as well as the fresh high at $14.69, and further support the lower Bollinger Band at $14.17. WHEAT: Wheat futures are flat to 5 cents higher with trade still struggling to find positive momentum ahead of delivery with Chicago and Minneapolis action leading at midday as we try to find a positive close. The dollar fading from the highs should add some support if we can remain at the lower end of the range. The Plains look to remain mostly dry short term with cooler and wetter potential the second week. Southern Hemisphere harvest will be moving forward soon with quality issues in Australia and drought losses in Argentina. Matif wheat is trying to sustain momentum as well with slightly firmer action overnight. On the chart, KC March action has faded well below the 20-day moving average at $9.33 and the lower Bollinger band at $8.90 is further support with the fresh low at $8.84 scored Tuesday morning just below that. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.