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DTN Midday Grain Comments 11/10 10:50
Midday Tuesday: Wheat is Up; Soybeans Lower and Corn is Flat
Corn futures are flat to a penny higher at midday, soybeans are 1 to 2 cents
lower, and wheat is 2 to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is weaker at midday with the S&P down 50 points. The
U.S. Dollar Index is 70 points higher. The interest rate products are weaker.
Energy trade is mixed with crude off .20 and natural gas up .02. Livestock
trade is mixed with cattle leading. Precious metals are weaker with gold 80
lower.
CORN:
Corn futures are flat to a penny higher in quiet midday trade as we remain
oversold heading to the report at 11 a.m. CST. On the report, trade is looking
for yield at 180.4 bushels per acre (BPA) vs. 181.2 last month with carryout at
1.842 billion vs. 1.849 last month. Ethanol margins remain solid for producer
and blender even with the energy pullback which should continue towards
midmonth. Basis should continue to firm seasonally as harvest winds down. The
daily wire saw 312,700 metric tons sold to Mexico. Harvest should resume with
more open short-term weather as we wind down with the weekly report showing 81%
harvested vs. 86%. On the December chart the 20-day at $4.54 is nearby
resistance. Chart support is at the $4.30 lower Bollinger Band and $4.38 fresh
low area.
SOYBEANS:
Soybean futures are 1 to 2 cents lower at midday with early strength fading
again as we head towards the report with deeply oversold conditions holding and
product action sideways. Meal is flat to 1 lower and oil is 10 to 20 points
lower. On the report, trade is looking for yield at 53.5 BPA vs. 53.1 BPA last
month, and carryout at 332 million bushels vs. 315 last month. The last stretch
of harvest should resume towards the end of the week as weather opens back up
with the weekly report showing 92% harvested vs. 91% on average. The daily
export wire saw 150,000 metric tons sold to Mexico. Basis should start to firm
as shipping and processors chew through the harvest bushels. On the January
contract support is the fresh low at $11.84 with resistance the 20-day at 12.38.
WHEAT:
Wheat futures are 2 to 5 cents higher with KC action leading in quiet trade
as we remain oversold with little overall fresh news heading to the report. On
the report, trade with looking for 744 million bushels vs. 740 last month. Open
weather should allow the remaining winter wheat to continue to establish with
weekly crop progress showing 89% planted vs. 90% on average, 76% emerged vs.
74% on average, 49% good to excellent, and 16% poor to very poor On the KC
December chart resistance is the 20-day at $6.60. Chart support is the fresh
low at $6.22.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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