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DTN Midday Grain Comments     11/27 10:57

   Corn, Bean, Wheat Trade Lower at Midday Monday

   Corn trade is 7 to 8 cents lower; beans are 3 to 5 cents lower and wheat 
trade is 10 to 18 cents lower.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is weaker with the S&P 5 points lower. The dollar 
index is flat. Interest rate products are firmer. Energies are weaker with 
crude off $0.35 and natural gas off $0.07. Livestock trade is weaker. Precious 
metals are firmer with gold up $6.


   Corn trade is 7 to 8 cents lower at midday to start the week with trade 
washing to fresh lows with the broad risk-off sentiment continuing from last 
week. Ethanol margins should stay rangebound with the weakness in corn and 
unleaded. Basis should remain steady for the most part short term with most 
users getting ready to roll to the March contract ahead of delivery starting 
this week.

   The daily wire was quiet to start the week with weekly export inspections 
soft for the holiday week at 406,680 metric tons. South American weather should 
see little change in the immediate term from the recent pattern. On the 
December chart, the 20-day average at $4.72 is nearby resistance which we 
failed from last week before fading again with the $4.50 area the next level 
that trade will watch to hold.


   Soybean trade is 3 to 2 cents lower with two-sided action so far today with 
risk-off selling and better product action battling with trade watching the 
South American forecast into December. Meal is $3.50 to $4.50 higher and oil is 
20 to 30 points higher.

   The daily wire was quiet to start, with weekly export inspections a little 
soft at 1.443 million metric tons. Basis should remain flat short term. The 
South American weather pattern will be watched for sustained moisture into 
December as we get deeper into the growing season. The January soybean chart 
has resistance at the 20-day at $13.50 that we fell through on Friday, with the 
lower Bollinger Band at $13.03 as support.


   Wheat trade is 10 to 18 cents lower at midday with action washing into new 
lows again with KC action trying to lead but the overall risk-off selling and 
lack of fresh bullish news keeps pressure on the market. The Plains saw good 
snow cover in places as the crop heads towards dormancy with a bit of a warm-up 
possible into early December.

   World weather has shown little change in recent days with little concern in 
the Northern Hemisphere for now. Matif wheat is lower as well. Weekly export 
inspections remain soft at 276,585. On the KC December Chart, support is at the 
fresh low of $5.88 1/4 with the 20-day moving average at $6.32 as resistance.

   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala.

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