DTN Midday Grain Comments 11/02 11:54

DTN Midday Grain Comments 11/02 11:54 All Grains Higher at Midday Trade is firmer across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is softer this morning with the Dow down 10 points. The interest rate products are higher. The dollar index is 20 lower. Energies are mixed with crude down 0.05. Livestock trade is weaker with cattle the downside leader. Precious metals are mixed with gold up $2.30. CORN Corn trade is 2 to 4 cents higher at midday with trade moving back over the $3.50 area. Ethanol margins have narrowed this morning with ethanol futures edging lower, while unleaded is slightly firmer to help blenders. 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 with better action in areas where harvest is wrapping up. Weekly export sales were ok at 811,400 metric tons of old crop, and 90,000 of new, with 1.35 million metric tons announced as sold to Mexico on the daily wire with the bulk for the current crop year. On the December chart support is at the $3.42 1/2 low with resistance at the $3.51 50-day moving average which we are testing at midday then the $3.58 six-week high. SOYBEANS Soybean trade is 4 to 7 cents higher at midday with trade near the daily highs, and just below the $10.00 area. Meal is $2.50 to $3.50 higher and oil is narrowly mixed. South American weather continues to be non-threatening in the immediate term with planting continuing to expand. Soybean basis has remained mostly steady with carry steady so far as exporters and crushers start to assess post harvest needs. Weekly export sales were good at 1.97 million metric tons of soybeans, 225,000 of meal, and 27,000 of oil. On the January chart, the 200-day at $9.82 is support with trade moving above the 10-day and 20-day at $9.88 yesterday, with 10.00 the next level of resistance. WHEAT Wheat trade is 3 to 6 cents higher at midday with trade trying to reverse off the fresh lows scored earlier in the week. The dollar has pulled back from the 95 area on the index, but remains at the upper end of the recent range. Weekly export sales remain soft, coming in at 347,800 metric tons this week. 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 U.S. with mixed weather coming forward and slow emergence. On the December Kansas City support is at the $4.14 low scored this yesterday with resistance the 20-day at $4.28. 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.