DTN Midday Grain Comments 11/07 11:33

DTN Midday Grain Comments 11/07 11:33 Grains Mixed at Midday There is mixed midday trade with soybeans up, corn & wheat lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is mixed this morning with the Dow futures down 12 points. The interest rate products are mixed. The dollar index is 35 higher. Energies are weaker with crude down 0.30. Livestock trade is lower. Precious metals are lower with gold down $8. CORN Corn trade is 1 cent lower at midday with quiet trade continuing ahead of the upcoming WASDE report on Thursday morning. Outside markets remain supportive due to crude now sitting over $57, but this only appears to be an item limiting downside. No major production changes are expected on the USDA World Agricultural Supply and Demand Estimates ("WASDE") on Thursday. Most are not expecting much change from the 2.34 billion bushel 2017-18 carryover seen on the October report. Basis has remained mostly steady in the near term, with the wide carry continuing. Harvest progress was rated at 70% complete, 13% behind average with open weather expected to allow for better progress this week. The USDA announced 130,000 metric tons of corn sold to unknown, keeping the daily wire active. On the December chart support is at the $3.42 1/2 low with resistance at the $3.51 50-day moving then the $3.58 6-week high. SOYBEANS Soybean trade is flat to 4 cents higher at midday with trade continuing to work just above $9.90. Meal is flat to $1 lower and oil is 20 to 30 points higher. The market will look for fresh meaningful news along with USDA changes on the monthly report this week. It is still early to get too much direction from South American weather with planting expected to be near normal. The market should be expecting a carryover number on Thursday around or just below the 430 million bushels October USDA number. Harvest progress was rated at 90% complete, 1 percentage point behind average. Basis and carry remains fairly steady. On the January chart, the 200-day at $9.82 is support with trade just above the 10-day and 20-day at $9.88-91, with $10 the next level of resistance which we are just below. WHEAT Wheat trade is 2 to 5 cents lower with selling pressure from the dollar surge with trade pulling back off the upper end of the range. The dollar is back to the 95 on the index overnight. Planting should be wrapping up in the US with mixed weather coming forward and slow emergence from chilly temps. Crop conditions were 3 percentage points better for winter wheat at 55% good to excellent, and 11% poor to very poor. Planting progress was 91% complete, same as average, with 75% emerged, 2 percentage points behind average. European wheat have showed better strength in recent days. On the December Kansas City support is at the $4.14 low scored this week with resistance the 20-day at $4.28 which we set back below overnight. 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.