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DTN Midday Grain Comments 11/26 10:53
Corn, Soybean, Wheat Futures All Higher at Midday Wednesday
Corn futures are 5 to 6 cents higher at midday Wednesday; soybean futures
are 4 to 6 cents higher; wheat futures are 3 to 10 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 5 to 6 cents higher at midday Wednesday; soybean futures
are 4 to 6 cents higher; wheat futures are 3 to 10 cents higher. The U.S. stock
market is firmer at midday with the S&P 95 points higher. The U.S. Dollar Index
is 7 points lower. The interest rate products are mixed. Energy trade is flat
with crude .10 higher and natural gas is .13 higher. Livestock trade is sharply
higher. Precious metals are firmer with gold up 20.00.
CORN:
Corn futures are 5 to 6 cents higher at midday, bouncing off the lower end
of the range overnight with little fresh news heading toward the Thanksgiving
break and first notice day with broad ag strength developing in thin,
day-session action. Weekly ethanol production was 22,000 barrels per day
higher, near the highest run of the year, with stocks down 300,000 barrels on
the week ahead of Thanksgiving travel. Export-wise we saw nothing on the daily
wire again today. Basis should continue to stabilize and firm in most areas
with the well-above-normal fall shipment and usage pace. On the March chart,
resistance is the 20-day moving average at $4.44, which we have edged above at
midday, with the lower Bollinger Band at $4.35, which we bounced from overnight.
SOYBEANS:
Soybean futures are 4 to 6 cents higher at midday with light product
strength and more talk about trade deal consummation coming up soon. Meal is
.50 to 1.50 higher and oil is 20 to 30 points higher. South American weather
continues to keep overall concerns limited as we get deeper in the growing
season. But the recent stretch has been a bit dry for much of the main growing
areas. Basis gains will likely slow as crush gains fade and export shipments
need to catch up further. The daily export wire was quiet again today. On the
January chart, resistance is the $11.69 1/2 area, where we find the recent
high, with the 20-day moving average at $11.27 as support and we are back above
at midday.
WHEAT:
Wheat futures are 3 to 10 cents higher at midday with buying returning as
the dollar rally stalls and March becomes the front month with Minneapolis
leading so far. Weather turning colder for the Plains should push things toward
dormancy. MATIF wheat is flat so far Wednesday. On the KC March chart,
resistance is the 20-day moving average at $5.36, which we are just below at
midday, with support at the lower Bollinger Band at $5.20, which we bounced
from Tuesday.
**
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**
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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