DTN Midday Grain Comments 11/10 11:36

DTN Midday Grain Comments 11/10 11:36 Grain Trade Trending Higher at Midday Trade is mostly higher in quiet action at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is lower with the Dow futures down 55. The interest rate products are lower. The dollar index is 5 lower. Energies are mixed with crude narrowly mixed. Livestock trade is lower. Precious metals are weaker with gold down $11. CORN Corn trade is flat to 2 cents higher at midday with trade finding some light buying with the trade continuing to digest the WADSE report from yesterday. Ethanol margins got a boost from the corn weakness with the energy complex remaining at the upper end of the range, with ethanol futures edging slightly higher this morning. The WASDE report put yield at 175.4 vs. 172.3 expected, and 171.8 last month. Total production was 14.758 billion bushels; the average trade guess is at 14.329 billion bushels versus 14.28 on the October report and 15.148 billion a year ago. The USDA 2017-18 carryover was raised to 2.487 billion versus trade the average trade expectation of 2.365 and 2.34 billion on the October report. The global carryover was at 203.9 million metric tons versus 201.3 million metric tons expected. Carry remains wide but remained stable with the report with localized basis improvement showing up as harvest winds down. On the December chart support is at the new low at $3.40 3/4 with resistance at the $3.50 50-day moving then the $3.58 6-week high. SOYBEANS Soybean trade is 2 to 4 cents higher at midday with trade working back towards the $9.90 area. Meal is $2 to $3 higher and oil is 5 to 15 points lower. The report left the 2017 U.S. soybean yield unchanged at 49.5 bushels per acre; the average trade guess was 49.3. The domestic carryover was at 425 million bushels, 5 million below last month and 5 million above the average guess. The world carryover was at 97.9 million tons versus 95.8 million metric tons expected. Basis has improved around processors, and carry remains stable. On the January chart, the 200-day at $9.82 is support with trade just below the 10-day and 20-day at $9.90-92, which is now nearby resistance with the next resistance at $10.13, the three-month high. WHEAT Wheat trade is flat to 5 cents higher with Kansas City trade leading at midday with trade trying to extend the better action seen this week into a positive finish. Minneapolis wheat has been more active in recent days with protein premiums improving, but they have been the weaker side of the complex today. The USDA WASDE report had carryout at 935 million bushels vs. expected at 957 million bushels; the range of estimates is 940-980 million. The world carryover was at 267.5 vs. 267.2 million metric tons expected and 268.1 on the October report ant 256.6 a year ago. On the December Kansas City support is at the $4.27 20-day then the $4.13 1/2 low. Resistance is at the $4.36 50-day then the $4.60 three-month high. 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.