DTN Midday Grain Comments     11/10 10:50

   Midday Tuesday: Wheat is Up; Soybeans Lower and Corn is Flat

   Corn futures are flat to a penny higher at midday, soybeans are 1 to 2 cents 
lower, and wheat is 2 to 5 cents higher. 



David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S&P down 50 points. The 
U.S. Dollar Index is 70 points higher. The interest rate products are weaker. 
Energy trade is mixed with crude off .20 and natural gas up .02. Livestock 
trade is mixed with cattle leading. Precious metals are weaker with gold 80 
lower. 

CORN:

   Corn futures are flat to a penny higher in quiet midday trade as we remain 
oversold heading to the report at 11 a.m. CST. On the report, trade is looking 
for yield at 180.4 bushels per acre (BPA) vs. 181.2 last month with carryout at 
1.842 billion vs. 1.849 last month. Ethanol margins remain solid for producer 
and blender even with the energy pullback which should continue towards 
midmonth. Basis should continue to firm seasonally as harvest winds down. The 
daily wire saw 312,700 metric tons sold to Mexico. Harvest should resume with 
more open short-term weather as we wind down with the weekly report showing 81% 
harvested vs. 86%. On the December chart the 20-day at $4.54 is nearby 
resistance. Chart support is at the $4.30 lower Bollinger Band and $4.38 fresh 
low area. 

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday with early strength fading 
again as we head towards the report with deeply oversold conditions holding and 
product action sideways. Meal is flat to 1 lower and oil is 10 to 20 points 
lower. On the report, trade is looking for yield at 53.5 BPA vs. 53.1 BPA last 
month, and carryout at 332 million bushels vs. 315 last month. The last stretch 
of harvest should resume towards the end of the week as weather opens back up 
with the weekly report showing 92% harvested vs. 91% on average. The daily 
export wire saw 150,000 metric tons sold to Mexico. 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 12.38.

WHEAT:

   Wheat futures are 2 to 5 cents higher with KC action leading in quiet trade 
as we remain oversold with little overall fresh news heading to the report. On 
the report, trade with looking for 744 million bushels vs. 740 last month. Open 
weather should allow the remaining winter wheat to continue to establish with 
weekly crop progress showing 89% planted vs. 90% on average, 76% emerged vs. 
74% on average, 49% good to excellent, and 16% poor to very poor On the KC 
December chart resistance is the 20-day at $6.60. 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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