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DTN Midday Grain Comments 11/14 10:42
Corn, Soybean, Wheat Futures All Flat-Higher at Midday Friday
Corn futures are flat to a penny higher at midday Friday; soybean futures
are flat to 2 cents higher; wheat futures are flat to 2 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to a penny higher at midday Friday; soybean futures
are flat to 2 cents higher; wheat futures are flat to 2 cents higher. The U.S.
stock market is mixed at midday with the S&P 10 points higher. The U.S. Dollar
Index is 15 points higher. The interest rate products are weaker. Energy trade
is mixed with crude up 1.50 and natural gas is .18 lower. Livestock trade is
mixed with hogs firmer. Precious metals are weaker with gold off 117.00.
CORN:
Corn futures are flat to a penny higher at midday as we head toward the
WASDE report release at 11 a.m. CST with spread action remaining firm as well.
On the report, trade is looking for corn yield at 183.8 bushels per acre (bpa)
versus 186.7 bpa on the last report in September with carryout at 2.125 billion
bushels (bb) versus 2.11 bb in September. Ethanol margins should remain mostly
stable with unleaded action boosting blender margins this morning. Harvest
should continue to wrap up into an open weekend. Export data is starting to be
caught up with nothing on the daily wire Thursday. Basis should start to
continue to stabilize and firm in most areas. On the December chart, support is
the 20-day moving average at $4.29 with the next round up the fresh high at
$4.42 3/4.
SOYBEANS:
Soybean futures are flat to 2 cents higher at midday in quiet trade as we
remain overbought heading toward the report with flat product action so far.
Meal is flat to 1.00 higher and oil is 30 to 40 points higher. On the report,
trade is looking for yields of 53.1 bpa versus 53.5 bpa prior and carryout at
315 million bushels (mb) versus 300 mb last time. Harvest on remaining acres
should be closer to being fully wrapped up nationally with open weather to help
wrap things up on the little bit of remaining harvest. South American weather
continues to keep overall concerns limited. Basis should continue to firm
seasonally as we wait for further export data to catch us up with nothing on
the daily wire Thursday. On the January chart, resistance is the $11.52 1/4
area, where we find the fresh high from overnight with the 20-day moving
average well below the market at $11.03.
WHEAT:
Wheat futures are flat to 2 cents higher with winter wheats leading,
although we have faded off the overnight higher. On the report, trade is
looking for carryout at 868 mb versus 844 mb last time. Weather should remain
mostly favorable for the Plains short-term with early stands expected to be
good overall with warmer temps returning for the Plains for the balance of the
week with condition reports likely to return on Monday. MATIF wheat is lightly
weaker this morning. Southern Hemisphere wheat harvest continues to make good
progress. On the KC December chart, support is the 20-day moving average at
$5.15 with the next round up the fall high at $5.40 from last week.
**
Join us for DTN's post-report webinar at 12:30 p.m. CST, on Friday, Nov. 14,
as we discuss USDA's new estimates in light of recent market events. Questions
are welcome and registrants will receive a replay link for viewing at their
convenience. Register here for Friday's November WASDE report webinar:
https://www.dtn.com/wasde-webinars/.
**
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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