DTN Midday Grain Comments     11/25 10:52

   Soybean Futures Lower at Midday Tuesday; Wheat Higher; Corn Mixed

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 3 to 
4 cents lower; wheat futures are 1 to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 3 to 
4 cents lower; wheat futures are 1 to 3 cents higher. The U.S. stock market is 
mixed at midday with the S&P 15 points higher. The U.S. Dollar Index is 35 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude 1.30 lower and natural gas is .20 lower. Livestock trade is mostly 
higher. Precious metals are firmer with gold up 37.00.

CORN:

   Corn futures are narrowly mixed at midday with softer spread action as we 
head toward the first notice day on Friday with little other fresh news. 
Ethanol margins look to be squeezed again by unleaded fading to the lower end 
of the range. Export-wise we saw nothing on the daily wire again Tuesday. Basis 
should continue to stabilize and firm in most areas with the well-above-normal 
fall shipment and usage pace. On the December chart, resistance is the 20-day 
moving average at $4.31, which we closed just below with the lower Bollinger 
Band at $4.22, which is where we are just above at midday.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower with two-sided action so far Tuesday 
with meal leading the product complex while soyoil stays under pressure with 
the crude weakness. Meal is 1.50 to 2.50 higher and oil is 25 to 35 points 
lower. South American weather continues to keep overall concerns limited as we 
get deeper in the growing season; but the recent stretch has been a bit drier. 
Basis gains will likely slow as crush gains fade and export shipments need to 
catch up further. The daily export wire was quiet again. On the January chart, 
resistance is the $11.69 1/2 area where we find the fresh high from earlier in 
the week with the 20-day moving average at $11.25 as support, which we are just 
below at midday.

WHEAT:

   Wheat futures are 1 to 3 cents higher at midday with action continuing to 
hold the lower end of the range with the weaker dollar adding a bit of support 
with little fresh news. Weather should remain mostly favorable for the Plains 
in the short-term with cooler weather expected into the end of the month to 
push us toward dormancy with the weekly report showing good to excellent at 
48%, up 3% on the week, with 17% poor to very poor. MATIF wheat is a bit softer 
at midday. On the KC December chart, resistance is the 20-day moving average at 
$5.22, which we closed just below, with the support the lower Bollinger Band at 
$5.06, which we closed just above Monday.

   **

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Dec. 3-4 from 9:30 to 11:30 a.m.

   
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   Cyclical challenges in the grain market and shifting power dynamics in the 
cattle complex highlight the necessity of preparedness, not only to mitigate 
risk, but also to maximize opportunities.

   In our capstone DTN Ag Summit event, we'll hear directly from young farmers 
and ranchers about the approaches they're taking to set their businesses up for 
success and from DTN experts with critical outlooks to help you craft your game 
plan for 2026.

   Featured DTN speakers include Lead Analyst Rhett Montgomery, Ag 
Meteorologist John Baranick and Livestock Analyst ShayLe Stewart for respective 
outlooks on the grain market, weather and cattle. Senior Editor Dan Miller 
welcomes a panel of DTN's America's Best Young Farmers and Ranchers award 
recipients -- Lucas and Dana Dull and Lillie and Brian Beringer-Crock -- to 
discuss new avenues of business and pivots each have made to welcome more 
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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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