DTN Midday Grain Comments     11/04 10:48

   Corn, Soybean, Wheat Futures All Lower at Midday Tuesday

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 
19 to 20 cents lower; wheat futures are 1 to 5 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 
19 to 20 cents lower; wheat futures are 1 to 5 cents lower. The U.S. stock 
market is weaker at midday with the S&P off 48. The U.S. Dollar Index is 20 
points higher. The interest rate products are firmer. Energy trade is mixed 
with crude off .35 and natural gas is .01 higher. Livestock trade is mostly 
lower. Precious metals are weaker with gold off 30.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with spillover pressure from 
soybeans pulling us back from the upper end of the range. Ethanol margins 
should remain stable as corn and unleaded continue to hold sideways trends 
overall. Harvest should hit the downhill stretch with mostly open weather 
expected this week. Fresh export sales are expected to hold up given the 
shipping pace. Basis should start moving toward post-harvest levels in the 
short-term. On the December chart, support is the 20-day moving average at 
$4.24 with the next round up the recent high at $4.37 scored last week.

SOYBEANS:

   Soybean futures were 19 to 20 cents lower at midday with broad product 
weakness as we ease overbought conditions after seeing fresh highs in beans and 
meal Monday. Meal is 4.00 to 5.00 lower and oil is 50 to 60 points lower. 
Harvest on remaining acres should be closer to being fully wrapped up 
nationally with mostly double-crop acres remaining at this point. South 
American weather looks to remain good for early crop development inn the 
short-term. Basis should start to firm if a trade deal delivers a more-normal 
fall-export pace into the end of the year. On the January chart, resistance is 
the $11.35 3/4 area, where we find the fresh high from Monday, with the 20-day 
moving average way below the market at $10.63.

WHEAT:

   Wheat futures are 1 to 5 cents lower with row-crop pressure pulling action 
back from another set of fresh highs scored for the move early in trade. 
Weather should remain mostly favorable for the Plains in the short-term with 
early stands expected to be good overall with warmer temps to start the week. 
MATIF wheat is firmer at midday. Southern Hemisphere wheat remains in good 
shape as harvest continues. On the KC December chart, support is the 20-day 
moving average at $5.02 that we have held solidly above recently with the next 
round up the fall high at $5.34 3/4 that we scored overnight.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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