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DTN Midday Grain Comments 11/10 10:53
Soybean, Wheat Futures Higher at Midday Monday; Corn Flat-Higher
Corn futures are flat to a penny higher at midday Monday; soybean futures
are 7 to 8 cents higher; wheat futures are 1 to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to a penny higher at midday Monday; soybean futures
are 7 to 8 cents higher; wheat futures are 1 to 5 cents higher. The U.S. stock
market is mixed at midday with the S&P up 50. The U.S. Dollar Index is 5 points
higher. The interest rate products are weaker. Energy trade is weaker with
crude off .20 and natural gas is .02 lower. Livestock trade has cattle firmer
and hogs mixed. Precious metals are sharply higher with gold up 89.00.
CORN:
Corn futures are flat to a penny higher at midday with flat spread action as
trade sees light buying across the board and looks toward the deal to reopen
the government along with positioning ahead of the WASDE report at the end of
the week. Ethanol margins should remain stable in the short term with flat corn
and unleaded trade. Harvest should hit the downhill stretch with mostly open
weather through this week. Weekly export inspections remained solid at 1.425
million metric tons (mmt) with year-to-date pace at 166%. Basis should start
moving toward post-harvest levels in the short term. On the December chart,
support is the 20-day moving average at $4.25 3/4 with the next round up the
fall high at $4.37.
SOYBEANS:
Soybean futures are 7 to 8 cents higher at midday as we edge back toward the
upper end of the range with oil leading the product complex with broad buying
interest Monday morning. Meal is 1.00 to 2.00 higher, and oil is 40 to 50
points higher. Harvest on remaining acres should be closer to being fully
wrapped up nationally with open weather to help finish. South American weather
looks to remain good for the early growing season. Basis should continue to
firm if a trade deal delivers a more normal fall export pace into the end of
the year with signs of winter bookings off the Pacific Northwest picking up but
U.S. values have pushed back ahead of South American offers for now. Weekly
export inspections remain soft at 1.089 mmt with year-to-date pace falling to
58% with bigger shipments not expected to show up until later in the month. On
the January chart, resistance is the $11.37 area where we find the fresh high
from Wednesday with the 20-day moving average well below the market at $10.76.
WHEAT:
Wheat futures are 1 to 5 cents higher at midday with broad buying across the
three contracts Monday morning as we try to regain the momentum lost at the end
of last week after trade got overbought. Weather should remain mostly favorable
for the Plains in the short term with early stands expected to be good overall
with warmer temps retuning for the Plains after today. MATIF wheat is lightly
weaker. Southern Hemisphere wheat remains in good shape as harvest continues.
Weekly export inspections stayed rangebound at 290,513 metric tons with
year-to-date pace at 119%. On the KC December chart, support is the 20-day
moving average at $5.07 that we have held solidly above recently with the next
round up the fall high at $5.40 that we closed at Wednesday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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