DTN Midday Grain Comments     11/05 10:52

   Corn, Soybean Futures Higher at Midday Wednesday; Wheat Mixed

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 8 to 10 cents higher; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 8 to 10 cents higher; wheat futures are narrowly mixed. The U.S. stock 
market is firmer at midday with the S&P up 30. The U.S. Dollar Index is 7 
points higher. The interest rate products are weaker. Energy trade is mixed 
with crude up .05 and natural gas is .07 lower. Livestock trade has cattle 
sharply lower and hogs mixed. Precious metals are firmer with gold up 28.00.

CORN:

   Corn futures are 3 to 4 cents higher with trade following soybeans back 
higher to hold just below the upper end of the range. Weekly ethanol production 
was a new record, 32,000 barrels higher, with stocks up 300,000 barrels on the 
week. Harvest should hit the downhill stretch with mostly open weather toward 
the end of the week. Basis should start moving toward post-harvest levels in 
the short-term. On the December chart, support is the 20-day moving average at 
$4.24 with the next round up the recent high at $4.37, scored last week.

SOYBEANS:

   Soybean futures are 8 to 10 cents higher at midday with two-sided action 
turning stronger in the day session as we watch further trade developments with 
China confirm some tariffs on U.S. soybeans still remain. Meal is 4.50 to 5.50 
higher and oil is flat to 10 points higher. Harvest on remaining acres should 
be closer to being fully wrapped up nationally with mostly double-crop acres 
remaining at this point. South American weather looks to remain good for early 
crop development in the short-term. Basis should start to firm if a trade deal 
delivers a more-normal fall-export pace into the end of the year with signs of 
winter bookings off the Pacific Northwest picking up. On the January chart, 
resistance is the $11.35 3/4 area, where we find the fresh high from Monday, 
with the 20-day moving average way below the market at $10.67.

WHEAT:

   Wheat futures are narrowly mixed with trade chopping just below the fresh 
highs as we work to consolidate the recent gains with better spillover from the 
row crops at midday. Weather should remain mostly favorable for the Plains in 
the short-term with early stands expected to be good overall with warmer temps 
until cooler weather comes in this weekend. MATIF wheat is lightly higher at 
midday. Southern Hemisphere wheat remains in good shape as harvest continues. 
On the KC December chart, support is the 20-day moving average at $5.03, that 
we have held solidly above recently, with the next round up the fall high at 
$5.37 that we scored Wednesday morning.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




(c) Copyright 2025 DTN, LLC. All rights reserved.