DTN Midday Grain Comments 11/27 11:18

DTN Midday Grain Comments 11/27 11:18 All Grains Lower at Midday Spring wheat is the downside leader at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer at midday with the Dow futures up 115 points. The interest rate products are higher. The dollar index is 320 points higher. Energies are mixed with crude 0.20 lower. Livestock trade is mixed. Precious metals are mixed with gold unchanged. CORN Corn trade is 2 cents lower at midday with trade chopping around near the contract lows. Ethanol margins are stable with the energy complex and crude both soft today. Carry and basis look to be steady as we head towards the March contract becoming the front month. Harvest progress was 95% complete 3% behind average. The export market has been quiet this week, and the fund position remains at a record short level. Although slow with a 3 cent trading range, the midday momentum is flat to lower. On the December chart support is the low at $3.36 1/4. Resistance is the 20-day at 3.44 1/4. SOYBEANS Soybean trade is 4 to 7 cents lower at midday with trade looking to test support after failing to hold above $10.00 yesterday. Meal is $3.50 to $4.50 lower and oil is 10 to 20 points higher. South American weather looks like more of the same in the near term, with the Argentina showing a wetter near term stretch for some for the drier areas with planting still ongoing. Harvest has been ruled complete by the USDA. Basis has been steady to start the week. The export market has remained quiet. On the January chart futures are back above all the major moving averages, with the 20-day at $9.88 the first level of support which we are just above, and the recent high at $10.08 the next level of resistance. WHEAT Wheat trade is flat to 3 lower on the winter wheats, and 8 to 10 lower on spring wheat with early gains after the decline in winter wheat conditions failing to hold. The Plains look pretty warm and dry the next few days, with cooler and wetter weather after that. Australian harvest should continue to make good progress in the near term. Basis has remained steady. Black Sea values have remained steady to weak in recent days adding to the pressure. Weekly crop conditions were down 2 percentage points at 50% good to excellent, and 12% poor to very poor. On the December Kansas City support is the $4.05 low scored this morning, with the 20-day at $4.21, as 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.