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DTN Midday Grain Comments     11/06 10:50

   Corn, Soybean, Wheat Futures All Lower at Midday Thursday

   Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 
28 to 30 cents lower; wheat futures are 5 to 19 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 
28 to 30 cents lower; wheat futures are 5 to 19 cents lower. The U.S. stock 
market is weaker at midday with the S&P off 65. The U.S. Dollar Index is 40 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude off .30 and natural gas is .07 higher. Livestock trade has cattle mixed 
and hogs back at fresh lows. Precious metals are weaker with gold off 7.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday, fading back again from the 
upper end of the range with spillover pressure from soybeans falling this 
morning. Ethanol margins should remain stable in the short term with corn 
easing to keep production levels at near record runs. 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 $4.25 with the next 
round up the recent high at $4.37 scored last week.

SOYBEANS:

   Soybean futures are 28 to 30 cents lower at midday with meal the downside 
leader as we work to ease overbought conditions with little fresh bullish news 
this week to feed the rally. Meal is 13.00 to 14.00 lower and oil is 25 to 35 
points lower. Harvest on remaining acres should be close to being fully wrapped 
up nationally with mostly double-crop acres remaining at this point. South 
American weather looks to remain good for early development in the short term 
with few drier areas early on. Basis should continue 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 but U.S. values have 
pushed back ahead of South American offers for now. On the January chart, 
resistance is the $11.37 area where we find the fresh high from Wednesday with 
the 20-day moving average well below the market at $10.72.

WHEAT:

   Wheat futures are 5 to 19 cents lower at midday with winter wheat seeing 
selling so far after reaching overbought conditions along with spillover 
pressure from the outside markets while the weaker dollar should add support if 
it persists. 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 sharply weaker as well. 
Southern Hemisphere wheat remains in good shape as harvest continues. On the KC 
December chart, support is the 20-day moving average at $5.06 that we have held 
solidly above recently, with the next round up the fall high at $5.40 that we 
closed at Wednesday.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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