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DTN Midday Grain Comments     11/06 10:48

   Midday Monday: Corn Flat, Soybeans Mixed and Wheat Lower

   Corn futures are flat to a penny higher at midday, soybeans are narrowly 
mixed, and wheat futures are 3 to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P up 70 points. The 
U.S. Dollar Index is 65 points higher. The interest rate products are weaker. 
Energy trade is mixed with crude off .05 and natural gas up .04. Livestock 
trade is sharply lower. Precious metals are weaker with gold 42 lower. 

CORN:

   Corn futures are flat to a penny higher at midday with deeply oversold 
conditions remaining in place and jumpy outside markets continue to overhang 
action with light two-sided action so far. Ethanol margins remain solid for 
producer and blender even with the energy pullback. Basis should continue to 
firm seasonally as harvest winds down. The daily wire saw 101,000 metric tons 
sold to unknown. Harvest should resume with more open short-term weather for 
most once we dry from the recent rains with warmer weather into next week. On 
the December chart the 20-day at $4.55 is nearby resistance. Chart support is 
at the $4.30 lower Bollinger Band and $4.38 1/2 fresh low area. 

SOYBEANS:

   Soybean futures are narrowly mixed at midday with trade again trying to 
consolidate after another set of fresh lows before firming spread action 
started to pull action further off the lows. Meal is mixed and oil is 30 to 40 
points lower. The last stretch of harvest should resume towards the end of the 
week as weather opens back up. The daily export wire saw 136,000 metric tons of 
soybeans sold to China. 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 12.49.

WHEAT:

   Wheat futures are 3 to 5 cents lower at midday with another wash back to 
fresh lows after Thursday's gains failed to hold as we remain deeply oversold 
but with better action during the day session. Open weather should allow the 
remaining winter wheat to continue to establish with more seasonal weather near 
term. Matif wheat has turned lightly higher as well. On the KC December chart 
resistance is the 20-day at $6.68. 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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