DTN Midday Grain Comments     11/19 10:51

   Corn, Soybean, Wheat Futures Lower at Midday Wednesday

   Corn futures are 6 to 7 cents lower at midday Wednesday; soybean futures are 
11 to 13 cents lower; wheat futures are 1 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents lower at midday Wednesday; soybean futures are 
11 to 13 cents lower; wheat futures are 1 to 8 cents lower. The U.S. stock 
market is mixed at midday with the S&P 17 points higher. The U.S. Dollar Index 
is 50 points higher. The interest rate products are firmer. Energy trade is 
mixed with crude 1.40 lower and natural gas is .18 higher. Livestock trade has 
cattle sharply lower, and hogs firmer. Precious metals are firmer with gold up 
16.00.

CORN:

   Corn futures are 6 to 7 cents lower at midday with broader, risk-off trade 
picking up through the day session while the overall range holds. Weekly 
ethanol production was up 16,000 barrels per day as we continue to run near max 
capacity with stocks up 100,000 barrels. Harvest was shown at 91% complete as 
Crop Progress updates resume. Export data is starting to get caught up with 
nothing on the daily wire for corn Wednesday. Basis should continue to 
stabilize and firm in most areas with the well-above-normal fall shipment and 
usage pace. On the December chart, support is the 20-day moving average at 
$4.32, which we are testing at midday, with the next round up the fresh high at 
$4.42 3/4

SOYBEANS:

   Soybean futures are 11 to 13 cents lower at midday with trade seeing some 
long liquidation as we get more overbought at the upper end of the range with 
fresh bullish news needed to push action with further sales announcements not 
enough. Meal is 4.50 to 5.50 lower and oil is 30 to 40 points lower after the 
early week surge. Harvest showed at 95% complete on the long-awaited Crop 
Progress update. South American weather continues to keep overall concerns 
limited with some dry pockets in Brazil. Basis should continue to firm 
seasonally with crush strength needing to buy time for export shipments to ramp 
up further. The daily export wire confirmed 330,000 metric tons sold to China 
with more confirmations needed to meet the stated pace. On the January chart, 
resistance is the $11.69 1/2 area where we find the fresh high from Tuesday 
with the 20-day moving average well below the market at $11.17.

WHEAT:

   Wheat futures are 1 to 8 cents with trade working just below the recent 
highs with Minneapolis action leading so far with the sharply stronger dollar 
limiting upside. Weather should remain mostly favorable for the Plains in the 
short-term with weekly crop progress showing good to excellent at 45% and 19% 
poor to very poor, just below year ago conditions with planting at 94% versus 
95% on average, and 83% emerged versus 84% on average. MATIF wheat is weaker 
Wednesday morning. On the KC December chart, support is the 20-day moving 
average at $5.22, which we are just below at midday, with the next round up the 
fall high at $5.40 from earlier in the month.  

   **

   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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