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DTN Midday Grain Comments 11/03 10:53
Soybean Futures Higher at Midday Monday; Corn Flat-Lower; Wheat Mixed
Corn futures are flat to 1 cent lower at midday Monday; soybean futures are
7 to 8 cents higher; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to 1 cent lower at midday Monday; soybean futures are
7 to 8 cents higher; wheat futures are narrowly mixed. The U.S. stock market is
mixed at midday with the S&P up 5. The U.S. Dollar Index is flat. The interest
rate products are weaker. Energy trade is firmer with crude up .40 and natural
gas is .08 higher. Livestock trade is mixed with cattle leading. Precious
metals are mixed with gold up 38.00.
CORN:
Corn futures are flat to a penny lower at midday with action edging back
from the early overnight gains to continue to hold the recent range to start
the week. Ethanol margins should remain stable as corn and unleaded continue to
hold sideways trends. Harvest should hit the downhill stretch with mostly open
weather. Fresh export sales are expected to remain active. Weekly export
inspections were very strong at 1.669 million metric tons (mmt), keeping
year-to-date pace at 164%. Basis should start moving toward post-harvest levels
in the short term. On the December chart, support is the 20-day moving average
at $4.22, with the next round up the recent high at $4.37 scored last week.
SOYBEANS:
Soybean futures are 7 to 8 cents higher at midday with two-sided action so
far after leaving a fresh overnight high while oil takes the lead in the
product complex. Meal is 3.00 to 4.00 lower and oil is 75 to 85 points higher.
Harvest on remaining acres should be close to being fully wrapped up
nationally. South American weather looks to be a nonissue in the short-term
with Brazil to continue to see good weather for early development. Basis should
start to firm if a trade deal delivers a more-normal fall-export pace from
here. Weekly export inspections were still very soft seasonally at 965,063
metric tons (mt) with year-to-date pace at 60%. On the January chart,
resistance is the $11.28 3/4 area, where we find the fresh high from overnight
with the 20-day moving average way below the market at $10.58.
WHEAT:
Wheat futures are narrowly mixed with another set of fresh highs for the
winter wheat move coming in overnight before fading into the day session.
Weather should remain mostly favorable for the Plains in the short term with
early stands expected to be good overall and cooler weather coming soon. MATIF
wheat is flat Monday. Southern Hemisphere wheat remains in good shape as
harvest continues. Weekly export inspections improved slightly at 350,293 mt
with year-to-date pace at 120%. On the KC December chart, support is the 20-day
moving average at $4.96, which we have held solidly above recently, with the
next round up the fall high at $5.31 that we scored overnight.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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