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DTN Midday Grain Comments     11/25 10:33

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 2 
to 4 cents higher; wheat futures are 3 to 6 cents higher. 

David M. Fiala
DTN Contributing Analyst


   Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 2 
to 4 cents higher; wheat futures are 3 to 6 cents higher. The U.S. stock market 
is mixed with the DOW up 175 points. The U.S. Dollar Index is 85 narrowly 
mixed. Interest rate products are mixed. Energies are flat with crude and 
natural gas off a dime. Livestock trade is mixed with hogs leading. Precious 
metals are mixed with gold up 4.00.


   Corn futures are 4 to 5 cents higher at midday with December options 
expiring, low volume holiday trade and limited fresh news. Weekly export sales 
were strong at 1.850 million metric tons (mmt). Spread action is a little 
softer as the December contract heads toward delivery next week. Ethanol 
margins remain rangebound with corn values and driving demand expected to slow 
further after Thanksgiving, along with natural gas values firming. Fall 
fertilizer should be able to make better progress short term before cooler 
temps return later. Basis has remained steady as transportation issues get 
worked on with the West starting to soften a bit in spots. On the December 
chart, trade is solidly above the lower Bollinger Band at $6.46 with the fresh 
low at $6.52 3/4 just above that and the 20-day moving average above current 
action at $6.71.


   Soybean futures are 2 to 4 cents higher at midday with trade continuing to 
chop along the middle part of the range and likely to drift into the weekend 
with little change to weather in South America short term and spillover from 
the energy markets remaining weak. Meal is flat to $1.00 higher, and oil is 
narrowly mixed. Basis has held together well with little change in recent days. 
Weekly export sales were soft overall at 690,100 metric tons (mt), while 
products were strong at 516,400 mt of meal, and oil was soft at -100. On the 
January chart, trade is just below the 20-day moving average at $14.35 with the 
Upper Bollinger Band above current action at $14.71, as well as the fresh high 
at $14.69, and further support at the lower Bollinger Band at $13.99.


   Wheat futures are 3 to 6 cents higher in low volume action with the March 
contracts starting to lead ahead of delivery with KC showing the most life as 
trade works to ease oversold conditions. The dollar fading from the highs 
should add some support if sustained. The Plains look to remain mostly dry 
short term with some areas catching rain this weekend and a colder and wetter 
second week forecast. Argentina continues to struggle with dryness while 
Australia sees flooding as harvest starts up. Matif wheat has held the upper 
end of the recent range as trade watches Black Sea developments. Weekly export 
sales were good at 511,800 mt. On the chart, KC December action has faded below 
the 20-day moving average at $9.44 and the lower Bollinger band at $9.01 is 
further support, where we find the fresh low scored today.

   David Fiala can be reached at 

   Follow him on Twitter @davidfiala

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