DTN Midday Grain Comments     11/18 11:14

   Corn, Wheat Futures Higher at Midday Tuesday; Soybeans Flat-Higher

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
flat to 1 cent higher; wheat futures are 1 to 6 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
flat to 1 cent higher; wheat futures are 1 to 6 cents higher. The U.S. stock 
market is weaker at midday with the S&P 40 points lower. The U.S. Dollar Index 
is 5 points higher. The interest rate products are mixed. Energy trade is mixed 
with crude .15 higher and natural gas is .09 lower. Livestock trade is mostly 
lower. Precious metals are weaker with gold off 19.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade pressing back 
toward the top of the range with steady to firmer spread action continuing. 
Ethanol margins look to remain rangebound in the short-term with firmer corn 
likely to narrow margins a bit. In USDA's Crop Progress report released Monday, 
corn harvest is slightly behind at 91% complete, which is 7 percentage points 
behind last year's 98% and 3 percentage points behind the five-year average of 
94%. 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 $4.29 with the next round up the fresh high at 
$4.42 3/4

SOYBEANS:

   Soybean futures are flat to 1 cent higher with trade fading back from the 
fresh highs scored overnight after the 14% year-on-year increase in crush 
Monday along with finally seeing some China sales on the daily wire with 
792,000 metric tons confirmed for this crop year. Meal is 4.50 to 5.50 lower 
and oil is 115 to 125 points higher as soyoil edges towards overbought. USDA's 
Crop Progress report showed soybean harvest continued on pace at 95% complete 
as of Sunday, 3 points behind last year's 98% and 1 point behind the five-year 
average of 96%. Harvest should show close to complete. South American weather 
continues to keep overall concerns limited with some dry pockets in Brazil. 
Basis should continue to firm seasonally with trade waiting for additional 
export confirmations. Weekly export inspections improved slightly to 1.176 
million metric tons (mmt) with year-to-date pace falling to 57%. On the January 
chart, resistance is the $11.69 1/2 area, where we find the fresh high from 
overnight with the 20-day moving average well below the market at $11.08.

WHEAT:

   Wheat futures are 1 to 6 cents higher with trade finding light buying at 
midday as it continues to chop along the upper end of the recent range. Weather 
should remain mostly favorable for the Plains in the short term. Winter wheat 
planting is 92%  complete nationwide as of Sunday, 2 points behind last year's 
94% and 3 points behind the five-year average of 95%. An estimated 79% of 
winter wheat had emerged as of Sunday, 4 points behind last year's 83% and 5 
points behind the five-year average of 84%. An estimated 45% of winter wheat 
that had emerged is in good-to-excellent condition, down 4 points from the 
previous year. MATIF wheat is slightly lower Tuesday morning. On the KC 
December chart, support is the 20-day moving average at $5.18, which is where 
we closed, 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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