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DTN Midday Grain Comments     11/13 10:51

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
6 to 8 cents lower; wheat futures are 6 to 13 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
6 to 8 cents lower; wheat futures are 6 to 13 cents lower. The U.S. stock 
market is firmer at midday with the S&P 12 points higher. The U.S. Dollar Index 
is 36 points higher. The interest rate products are mixed. Energy trade is 
firmer with crude up .35 with natural gas up .01. Livestock trade is broadly 
mixed. Precious metals are mixed with gold down 1.00.

CORN:

   Corn futures are 2 to 3 cents lower in midday trade as we continue to chop 
sideways post-report with firmer spread action holding. Ethanol margins look to 
move more sideways in the near term with the weekly ethanol production report 
delayed until Thursday. Open weather for most of the Corn Belt is expected to 
return this week, allowing remaining harvest to wrap up along with fall 
fieldwork to start. The weekly crop progress report showed harvest at 95% 
complete. The daily export wire saw 401,357 metric tons (mt) of corn sold to 
Mexico and 290,820 mt to unknown. Basis action is starting to trend firmer, 
especially in the west. On the December chart, the 20-day moving average at 
$4.17 7/8 is support, with the fresh high at $4.34 3/4 as resistance.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with trade holding above 
nearby support with product action continuing to struggle with oil testing 
support, and fresh lows in meal. Meal is 2.00 to 3.00 lower and oil is 130 to 
140 points lower. Remaining harvest should be wrapped up this week with the 
weekly report showing harvest 96% complete, while South America continues to 
progress well. Basis is expected to remain flat to firmer in the short term. On 
the January chart, trade has support at the 20-day moving average at $10.01, 
which we are holding above, with the Upper Bollinger Band at $10.28, which we 
faded from Monday.

WHEAT:

   Wheat futures are 6 to 13 cents lower at midday with oversold conditions 
building as trade continues to struggle with the firm dollar and improved 
weather on the Plains with KC again trading ahead of Chicago action. The Plains 
are expected to see additional moisture over the next week with the portion of 
the crop rated good-to-excellent up 3% to 44%, and poor to very poor at 18%. 
Planting progress is at 91% versus 93% on average, and 76% emerged versus 79% 
on average. MATIF wheat is sharply lower Wednesday as well with the recent 
support giving way overnight. On the KC December chart, support is the recent 
low at $5.37 1/4 and resistance the 20-day moving average at $5.71.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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