DTN Midday Grain Comments     11/14 10:42

   Corn, Soybean, Wheat Futures All Flat-Higher at Midday Friday

   Corn futures are flat to a penny higher at midday Friday; soybean futures 
are flat to 2 cents higher; wheat futures are flat to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Friday; soybean futures 
are flat to 2 cents higher; wheat futures are flat to 2 cents higher. The U.S. 
stock market is mixed at midday with the S&P 10 points higher. The U.S. Dollar 
Index is 15 points higher. The interest rate products are weaker. Energy trade 
is mixed with crude up 1.50 and natural gas is .18 lower. Livestock trade is 
mixed with hogs firmer. Precious metals are weaker with gold off 117.00.

CORN:

   Corn futures are flat to a penny higher at midday as we head toward the 
WASDE report release at 11 a.m. CST with spread action remaining firm as well. 
On the report, trade is looking for corn yield at 183.8 bushels per acre (bpa) 
versus 186.7 bpa on the last report in September with carryout at 2.125 billion 
bushels (bb) versus 2.11 bb in September. Ethanol margins should remain mostly 
stable with unleaded action boosting blender margins this morning. Harvest 
should continue to wrap up into an open weekend. Export data is starting to be 
caught up with nothing on the daily wire Thursday. Basis should start to 
continue to stabilize and firm in most areas. 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 2 cents higher at midday in quiet trade as we 
remain overbought heading toward the report with flat product action so far. 
Meal is flat to 1.00 higher and oil is 30 to 40 points higher. On the report, 
trade is looking for yields of 53.1 bpa versus 53.5 bpa prior and carryout at 
315 million bushels (mb) versus 300 mb last time. Harvest on remaining acres 
should be closer to being fully wrapped up nationally with open weather to help 
wrap things up on the little bit of remaining harvest. South American weather 
continues to keep overall concerns limited. Basis should continue to firm 
seasonally as we wait for further export data to catch us up with nothing on 
the daily wire Thursday. On the January chart, resistance is the $11.52 1/4 
area, where we find the fresh high from overnight with the 20-day moving 
average well below the market at $11.03.

WHEAT:

   Wheat futures are flat to 2 cents higher with winter wheats leading, 
although we have faded off the overnight higher. On the report, trade is 
looking for carryout at 868 mb versus 844 mb last time. Weather should remain 
mostly favorable for the Plains short-term with early stands expected to be 
good overall with warmer temps returning for the Plains for the balance of the 
week with condition reports likely to return on Monday. MATIF wheat is lightly 
weaker this morning. Southern Hemisphere wheat harvest continues to make good 
progress. On the KC December chart, support is the 20-day moving average at 
$5.15 with the next round up the fall high at $5.40 from last week.

   **

   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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