DTN Midday Grain Comments     11/05 10:52

   Wheat is the Bright Spot; Corn Lower; Soybeans Mixed at Midday Thursday 

   Corn futures are flat to 2 cents lower at midday, soybeans are narrowly 
mixed, and wheat futures are 5 to 7 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is sharply lower at midday with the S&P off 220 
points. The U.S. Dollar Index is 5 points lower. The interest rate products are 
firmer. Energy trade is firmer with crude up 2.20 and natural gas up .02. 
Livestock trade is sharply lower. Precious metals are mostly higher with gold 
49 higher. 

CORN:

   Corn futures are flat to 2 cents lower with light overnight buying fading 
again during the day session as we continue to grind along with deeply oversold 
conditions. Ethanol margins remain solid for producer and blender. Basis should 
continue to firm seasonally as harvest winds down. The daily wire was quiet 
after the early week sales with weekly sales solid at 1.295 million metric 
tons. Harvest should resume with more open short-term weather for most once we 
dry from the recent rains. On the December chart the 20-day at $4.61 is nearby 
resistance. Chart support is at the $4.33 lower Bollinger Band and $4.38 1/2 
fresh low area. 

SOYBEANS:

   Soybean futures are narrowly mixed with early gains fading yet again with 
oil dragging product action lower with deeply oversold conditions persisting. 
Meal is narrowly mixed and oil is 90 to 100 points lower. The last stretch of 
harvest should resume towards the end of the week. The daily export wire was 
quiet with weekly sales solid overall at 1.456 million metric tons of beans, 
390,400 of meal, and 1,500 of oil. Basis should start to firm as shipping and 
processors chew through the harvest bushels. On the January contract support is 
the fresh low at $11.98 1/4 with resistance to the 20-day at 12.56.

WHEAT:

   Wheat futures are 5 to 7 cents higher at midday to start with light short 
covering again as we continue to grind along the low end of the range with 
deeply oversold conditions still in place. Open weather should allow the 
remaining winter wheat to continue to establish with more seasonal weather near 
term. Matif wheat is lightly higher as well. Weekly export sales held the 
recent improvement at 538,000 metric tons. On the KC December chart resistance 
is the 20-day at $6.73. Chart support is the fresh low at $6.29. 

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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