DTN Midday Grain Comments     11/21 10:59

   Corn Futures Flat-Lower at Midday Friday; Soybeans, Wheat Flat-Higher

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
flat to 1 cent higher; wheat futures are flat to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
flat to 1 cent higher; wheat futures are flat to 5 cents higher. The U.S. stock 
market is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index 
is 15 points higher. The interest rate products are firmer. Energy trade is 
mixed with crude 1.30 lower and natural gas is .11 higher. Livestock trade has 
cattle and hogs lower. Precious metals are mixed with gold up 11.00.

CORN:

   Corn futures are flat to 1 cent lower in quiet midday trade as we test the 
lower end of the recent range with little fresh bullish news ahead of option 
expiration today. Ethanol margins should get some support from corn fading with 
blender margins struggling as unleaded goes lower again. Export wise we saw 
nothing on the daily wire today. Basis should continue to stabilize and firm in 
most areas with the well-above-normal fall shipment and usage pace. On the 
December chart, resistance is the 20-day moving average at $4.32, which we 
closed just below, with the lower Bollinger Band at $4.24 as the next level of 
support.

SOYBEANS:

   Soybean futures are flat to 1 cent higher with trade fading to the first 
level of nearby support before firming back a little toward midday. Meal is 
flat to 1.00 higher and oil is 35 to 45 points lower. South American weather 
continues to keep overall concerns limited with some dry pockets in Brazil 
which look to expand a little in the short-term but excessive heat remains 
limited. Basis gains will likely slow as crush gains fade and export shipments 
need to catch up further. The daily export wire was quiet after the midweek 
China sales confirmations. On the January chart, resistance is the $11.69 1/2 
area where we find the fresh high from earlier in the week with the 20-day 
moving average tested at midday at $11.22.

WHEAT:

   Wheat futures are flat to 5 cents higher as it works to consolidate at the 
lower end of the range with negative outside market spillover easing with the 
firmer dollar likely to limit upside. Weather should remain mostly favorable 
for the Plains in the short-term with cooler weather expected into the end of 
the month to push us toward dormancy. MATIF wheat is mixed this morning. On the 
KC December chart, resistance is the 20-day moving average at $5.22, which we 
closed just below, with the support at the lower Bollinger Band at $5.06, which 
we tested overnight.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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