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DTN Midday Grain Comments     11/08 10:49

   Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Lower

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 6 
to 8 cents lower; wheat futures are flat to 2 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 6 
to 8 cents lower; wheat futures are flat to 2 cents lower. The U.S. stock 
market is mixed at midday with the S&P 25 points higher. The U.S. Dollar Index 
is 39 points higher. The interest rate products are firmer. Energy trade is 
weaker with crude down 2.00 with natural gas flat. Livestock trade is weaker. 
Precious metals are softer with gold off 13.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with action holding near the 
fresh highs for the move scored Friday morning in quiet pre-report action. 
Ethanol margins have narrowed a little with the corn strength but remain 
rangebound. Rains look to continue for much of the Corn Belt into the weekend, 
keeping remaining harvest paused. The daily export wire saw another 200,480 
metric tons (mt) of corn booked by unknown. On the WASDE report at 11 a.m. CST, 
trade is looking for domestic carryout at 1.938 billion bushels (bb), down from 
1.999 bb last month with yield unchanged at 183.8 bushels per acre (bpa). Basis 
action is starting to firm in the areas that have went post-harvest but is 
still mostly flat. On the December chart, the 20-day moving average at $4.14 
1/4, with the fresh high at $4.31 3/4 as the next level up, then the fall high 
at $4.33.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with trade fading off the 
late-session surge from Thursday, but holding solidly in the upper end of the 
recent range pre-report. Meal is 2.00 to 3.00 lower, and oil is flat to 10 
points lower. Remaining harvest will likely linger into the middle of the month 
with the recent weather pattern, while South America continues to allow for 
good early season progress. The daily export wire saw 107,000 mt sold to China 
and 132,000 mt to unknown. On the report, carryout is expected at 535 mb from 
550 mb last month and yield at 52.8 bpa versus 53.1 bpa last month. Basis is 
expected to remain flat to firmer in the short term. On the January chart, 
trade has support at the 20-day moving average at $9.99, which we are 
consolidating above, with the Upper Bollinger Band at $10.21, which we are just 
above overnight.

WHEAT:

   Wheat futures are flat to 2 cents lower at midday with choppy trade 
continuing and Chicago action leading as it pulls back ahead of KC values 
nearby. Good rain coverage is expected for the Plains into midweek to boost 
growth. MATIF wheat is firmer with the dollar holding well below the spike 
highs despite bouncing a little. Weekly export sales were OK at 374,700 mt, but 
off 20% from the 4-week average. On the report, trade is looking for carryout 
at 813 mb versus 812 mb last month. On the KC December chart, support is the 
lower Bollinger Band at $5.59 and resistance the 20-day moving average at $5.78.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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