DTN Midday Grain Comments 11/01 11:08

DTN Midday Grain Comments 11/01 11:08 Grains Mixed at Midday Soybeans are the leader at midday with corn and wheat flat to slightly higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer this morning with the Dow up 45 points. The interest rate products are mostly higher. The dollar index is 15 higher. Energies are mixed with crude up 0.20. Livestock trade is higher, led by cattle. Precious metals are higher with gold up $8.00. CORN Corn trade is flat to 2 cents higher at midday with trade working to get back towards the $3.50 area on the December contract. The weekly ethanol report showed production up 17,000 barrels per day, stocks 440,000 barrels higher, with ethanol futures staying firmer post report. Harvest should continue to make better progress with more open weather, while standing corn will remain a concern with wind and other issues. Basis and carry remain soft with harvest pressure still making its presence felt. On the December chart support is at the $3.42 1/2 low with resistance at the $3.51 50-day moving average then the $3.58 6-week high. SOYBEANS Soybean trade is 5 to 10 cents higher at midday with trade still working back towards the $9.90 area on the January contract with harvest wrapping up nationally. Meal is $1 to $2 higher and oil is 20 to 30 points higher. South American weather continues to be non-threatening in the immediate term. Soybean basis has remained mostly steady with carry steady so far this week. The daily export wire will be watched closely with overnight strength not reflected in announced sales this week. On the January chart, the 200-day at $9.82 is support with trade edging above the 10-day and 20-day at $9.88 at midday, with 10.00 the next level of resistance. WHEAT Wheat trade is narrowly mixed at midday with trade trying to hold the fresh lows scored yesterday and with trade unable to sustain early strength. The dollar has pulled back from the 95 area on the index, but remains at the upper end of the recent range. The U.S. was able to move some hard red wheat to Iraq yesterday, but overall remains at a disadvantage to the ample Black Sea supplies. The southern hemisphere crop will continued to be watched with wet weather hitting the flood damaged areas again. Australia will continue to draw more attention coming forward as well, with the winter wheat areas of the Black Sea off to a generally dry start. Planting should be wrapping up in the US with mixed conditions coming forward. On the December Kansas City support is at the $4.14 low scored this yesterday with resistance the 20-day at $4.29. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.