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DTN Midday Grain Comments     11/30 10:45

   Corn and Wheat Higher, Beans Lower at Midday Thursday

   Corn trade is 6 to 7 cents higher; beans are 1 to 3 cents lower and wheat 
trade is 4 to 8 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is mixed with the S&P 3 points lower. The dollar index 
is 50 points higher. Interest-rate products are weaker. Energies are weaker 
with crude off $2 and natural gas off $0.02. Livestock trade is mixed with hogs 
leading. Precious metals are mixed with gold down $10.


   Corn trade is 6 to 7 cents higher with firmer spread action coming off the 
lower end of the range with December into delivery and oversold conditions 
easing. Ethanol margins are narrowing a bit with corn bouncing and unleaded 
sliding back to the lower end of the range with tepid demand. Basis should 
remain steady short term.

   The daily wire continued to be quiet with weekly sales very strong at 1.93 
million metric tons. South American weather should see little change in the 
immediate term from the recent pattern. On the March chart, the 20-day at $4.85 
is nearby resistance with the fresh low at 4.70 1/2 as support.


   Soybean trade is 1 to 3 cents lower at midday as we continue to chop just 
below nearby resistance with mixed product action and trade continuing to wait 
for further weather developments. Meal is narrowly mixed and oil is 35 to 45 
points lower.

   The daily wire saw 134,000 metric tons sold to China with weekly sales 
strong at 1.9 million metric tons with 64,600 of meals and 700 of oil. Basis 
continues to drift sideways. The South American weather pattern will be watched 
for sustained moisture into midmonth for the drier areas. The January soybean 
chart has resistance at the 20-day at $13.56 with the lower Bollinger band at 
$13.20 as support.


   Wheat trade is 4 to 8 cents higher with action pressing through nearby 
resistance at midday despite the firmer dollar and stronger spread action. The 
Plains snow cover should fade with warmer temps into the end of the week with 
more seasonal temps to follow. World weather has shown little change in recent 
days with little concern in the Northern Hemisphere for now and Southern 
Hemisphere harvest to expand.

   Weekly export sales improved at 622,800 metric tons old, and 12,000 of new. 
Matif wheat is just a bit higher at midday. On the KC March Chart, support is 
at the fresh low of $5.95 with the 20-day moving average at $6.38 as resistance 
which we are just above at midday.

   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala.

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