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DTN Midday Grain Comments 11/30 10:45
Corn and Wheat Higher, Beans Lower at Midday Thursday
Corn trade is 6 to 7 cents higher; beans are 1 to 3 cents lower and wheat
trade is 4 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is mixed with the S&P 3 points lower. The dollar index
is 50 points higher. Interest-rate products are weaker. Energies are weaker
with crude off $2 and natural gas off $0.02. Livestock trade is mixed with hogs
leading. Precious metals are mixed with gold down $10.
CORN:
Corn trade is 6 to 7 cents higher with firmer spread action coming off the
lower end of the range with December into delivery and oversold conditions
easing. Ethanol margins are narrowing a bit with corn bouncing and unleaded
sliding back to the lower end of the range with tepid demand. Basis should
remain steady short term.
The daily wire continued to be quiet with weekly sales very strong at 1.93
million metric tons. South American weather should see little change in the
immediate term from the recent pattern. On the March chart, the 20-day at $4.85
is nearby resistance with the fresh low at 4.70 1/2 as support.
SOYBEANS:
Soybean trade is 1 to 3 cents lower at midday as we continue to chop just
below nearby resistance with mixed product action and trade continuing to wait
for further weather developments. Meal is narrowly mixed and oil is 35 to 45
points lower.
The daily wire saw 134,000 metric tons sold to China with weekly sales
strong at 1.9 million metric tons with 64,600 of meals and 700 of oil. Basis
continues to drift sideways. The South American weather pattern will be watched
for sustained moisture into midmonth for the drier areas. The January soybean
chart has resistance at the 20-day at $13.56 with the lower Bollinger band at
$13.20 as support.
WHEAT:
Wheat trade is 4 to 8 cents higher with action pressing through nearby
resistance at midday despite the firmer dollar and stronger spread action. The
Plains snow cover should fade with warmer temps into the end of the week with
more seasonal temps to follow. World weather has shown little change in recent
days with little concern in the Northern Hemisphere for now and Southern
Hemisphere harvest to expand.
Weekly export sales improved at 622,800 metric tons old, and 12,000 of new.
Matif wheat is just a bit higher at midday. 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
which we are just above at midday.
David Fiala can be reached at dfiala@futuresone.com.
Follow him on X, formerly Twitter, @davidfiala.
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