DTN Midday Grain Comments 11/15 11:29

DTN Midday Grain Comments 11/15 11:29 Grains Mixed at Midday Soybeans are the midday leader, with corn flat and wheat lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is lower at midday with the Dow down 75 points. The interest rate products are mostly higher. The dollar index is 5 points higher. Energies are lower with crude down 0.30. Livestock trade is mostly lower. Precious metals are lower with gold down $5.40. CORN Corn trade has been flat to a penny higher for the bulk of the day session with a 2 cent range so far. Ethanol margins are steady to slightly tighter with crude and ethanol down this morning. The weekly ethanol report showed production down .28%, and stocks were .71% higher and gasoline demand was down 3.41%. Carry is steady to slightly firmer this morning, while basis is shifting to post harvest footing in many areas. On the December chart support is at the new low at $3.37 that is 1/4 cent below the fresh contract low scored on Thursday. Resistance is at the $3.49 1/2 50-day moving then the $3.58 6-week high. Long liquidation near the close is a concern if we can not hold higher. SOYBEANS Soybean trade is 5 to 6 cents higher at midday with trade near the highs of the session with light buying after the November contract expired yesterday. Meal is $2 to $3 higher and 20 to 30 points higher. South American weather looks good as a whole with planting on going, with Argentina having the most issues so far. Export business has been quieter lately with few fresh sales announced on the daily wire. On the January chart futures fell below all the major moving averages yesterday with the 100-day at $9.76 now resistance which we are just below at midday with the September low of $9.60 the next notable support with many chart analysts mentioning the $9.50 level. WHEAT Wheat trade is 3 to 11 cents lower at midday with selling returning as the US continues to struggle with large supplies and little fresh friendly news. Dryness is a concern which is limiting downside on the winter wheat contracts, but that is just keeping us from scoring new lows. The Russian ruble weakness recently helps Russian competitiveness on the world market. Basis has firmed a bit on the plains in recent days but overall remains wide. On the December Kansas City support is the $4.13 1/2 low, after we washed through the 20-day at $4.27 this morning becoming resistance. 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 (SK) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.