DTN Midday Grain Comments 11/29 11:33

DTN Midday Grain Comments 11/29 11:33 Wheat, Corn Higher at Midday Corn and winter wheat are the midday leaders, with soybeans flat. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed at midday with the Dow futures up 55 points, but Nasdaq and S&P are lower. The interest rate products are lower. The dollar index is 5 points lower. Energies are mixed with crude 0.60 lower. Livestock trade is mostly lower. Precious metals are lower with gold $12.90. CORN Corn trade is 2 cents higher at midday with trade reversing off the fresh low scored in the overnight trade. The weekly ethanol report showed production down 0.74%, stocks 0.67% higher, and gasoline demand was down 9.08%. Corn is higher, ethanol around flat at midday hurting board production margins. Carry and basis look to be steady as we head towards the March contract becoming the front month tomorrow. The export market showed some life today with the USDA announcing 101,600 metric tons sold to unknown, and the fund position remains at a record short level. On the December chart support is the low at $3.35 1/2. Resistance is the 20-day at 3.43. SOYBEANS Soybean trade is narrowly mixed at midday with January trade continuing to hold the $9.90 area. Meal is $1 to $2 higher and oil is flat to 10 points lower. 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. Basis has been steady so far this week. The export market showed some life with China buying 263,000 metric tons. 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 2 to 4 cents higher overnight on the winter wheats as they continue to extend their lows off the lows scored yesterday, with spring wheat narrowly mixed at midday. 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 moving past the half way point. Basis has remained steady. Black Sea values have remained steady to weak in recent days adding to the pressure. On the December KC 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.