DTN Midday Grain Comments 11/29 10:50
Corn and Wheat Higher, Beans Lower at Midday Wednesday
Corn trade is 2 to 4 cents higher; beans are 1 to 3 cents lower and wheat
trade is 5 to 13 cents higher.
David M. Fiala
DTN Contributing Analyst
The U.S. stock market is mixed with the S&P 3 points higher. The dollar
index is 20 points higher. Interest rate products are firmer. Energies are
mixed with crude up $0.60 and natural gas unchanged. Livestock trade is firmer.
Precious metals are mixed with gold up $1.
Corn trade is 2 to 4 cents higher with trade firming into midday from early
weakness as the December contract heads into delivery. Ethanol margins remain
solid with the weekly report showing production off by 12,000 barrels per day,
and stocks fell 273,000 barrels. Basis should remain steady for the most part
as we transition to the March bids. The
daily wire continued to be quiet. South American weather should see little
change in the immediate term from the recent pattern. On the March chart, the
20-day at $4.86 is nearby resistance with the fresh low at 4.70 1/2.
Soybean trade is 1 to 3 cents lower with light two-sided action with little
immediate change in South American weather and mixed product action as meal
falters a bit. Meal is $4 to $5 lower and oil is 5 to 15 points higher. The
daily wire was quiet today. Basis continues to drift sideways. The South
American weather pattern will be watched for sustained moisture into December
as we get deeper into the growing season with the extended forecast looking
more promising. The January soybean chart has resistance at the 20-day at
$13.54, with the lower Bollinger Band at $13.15 as support.
Wheat trade is 5 to 13 cents higher at midday with trade seeing short
covering as ease oversold conditions as the December contract heads into
delivery with KC leading action. The plains snow cover should fade with warmer
temps into the end of the week. World weather has shown little change in recent
days with little concern in the Northern Hemisphere for now. Matif wheat is
solidly firmer as well. On the KC March chart, support is at the fresh low of
$5.95 with the 20-day moving average at $6.38 as resistance.
David Fiala can be reached at firstname.lastname@example.org.
Follow him on X, formerly Twitter, @davidfiala.
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