DTN Midday Grain Comments     11/26 10:52

   Corn, Soybean Futures Lower at Midday; Wheat Higher

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 6 
to 8 cents lower; wheat futures are 2 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 6 
to 8 cents lower; wheat futures are 2 to 5 cents higher. The U.S. stock market 
is mixed at midday with the S&P 20 points higher. The U.S. Dollar Index is 30 
points higher. The interest rate products are weaker. Energy trade is mixed 
with crude up .60 with natural gas off .05. Livestock trade is mixed. Precious 
metals are mixed with gold up 9.00.

CORN:

   Corn futures are 4 to 5 cents lower with lightly firmer spread action as we 
fade back toward the lower end of the range after early choppy trade ahead of 
the December contract going into delivery. Ethanol margins look to stay 
rangebound through the holiday. Colder weather should continue to limit fall 
fieldwork with a little warmer weather the second week to potentially get fall 
fertilizer application rolling. Basis action will likely remain flat until 
March becomes front-month. On the December chart, the 20-day moving average at 
$4.23 is support, which we have faded below at midday, with the recent high at 
$4.34 3/4 as resistance.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower with early two-sided action fading as 
product action remains mixed and trade debates tariff impacts. Meal is 3.50 to 
4.50 lower and oil is 100 to 110 higher. South America looks to hold the 
generally good weather pattern for soybean development short term. Basis is 
expected to remain flat to firmer in the short term. On the January chart, 
trade has resistance at the 20-day moving average of $10.00 with the Lower 
Bollinger Band at $9.72 as support.

WHEAT:

   Wheat futures are 2 to 5 cents higher at midday with KC leading as it chops 
below nearby resistance levels. The Plains are expected to stay colder with 
precipitation chances fading for the second week of the forecast from late last 
week's runs. MATIF wheat is rebounding a bit after the Monday selling, with the 
dollar regaining some of Monday's losses. The last crop condition report for 
the year showed winter wheat rated good to excellent 6 points better at 55% 
good to excellent, and 12% poor to very poor, with 97% planted versus 98% on 
average, and 89% emerged, same as average. On the KC December chart, support is 
the fresh low at $5.31 1/2 and resistance the 20-day moving average at $5.58.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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