DTN Midday Grain Comments     11/07 10:46

   Soybean Futures Higher at Midday Friday; Corn, Wheat Mixed

   Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 
cents higher; wheat futures are 5 cents lower to 7 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 
cents higher; wheat futures are 5 cents lower to 7 cents higher. The U.S. stock 
market is weaker at midday with the S&P off 70. The U.S. Dollar Index is 25 
points lower. The interest rate products are firmer. Energy trade is firmer 
with crude up .30 and natural gas is .03 higher. Livestock trade has cattle 
firmer and hogs back at fresh lows. Precious metals are firmer with gold up 
19.00.

CORN:

   Corn futures are narrowly mixed at midday with trade continuing to chop 
through the middle of the range and little fresh news otherwise. Ethanol 
margins should remain stable in the short-term with unleaded values boosting 
blender margins again. Harvest should hit the downhill stretch with mostly open 
weather toward the end of the week. 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 recent high at 
$4.37, scored last week.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher at midday with trade finding some 
footing after the sharp selloff Thursday with meal rebounding sharply to lead 
products. Meal is 3.50 to 4.50 higher and oil is 15 to 25 points higher. 
Harvest on remaining acres should be closer to being fully wrapped up 
nationally with open weather. 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. 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 5 cents lower to 7 cents higher at midday with spring 
wheat leading in early action as we look to consolidate into the end of the 
week after falling from the highs Thursday. Weather should remain mostly 
favorable for the Plains in the short-term with early stands expected to be 
good overall with warmer temps until cooler weather comes in this weekend. 
MATIF wheat is a bit weaker as well. Southern Hemisphere wheat remains in good 
shape as harvest continues. 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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