DTN Midday Grain Comments 12/01 11:22

DTN Midday Grain Comments 12/01 11:22 All Grains Higher at Midday Grain trade is higher across the board at midday with support from crude and a lower dollar. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are sharply lower at midday with the Dow futures down 180 points after the 350-pOint gain on Thursday. The interest rate products are sharply higher and near one-month highs after weakness yesterday. The dollar index is 40 points lower. Energies are higher with crude 1.15 higher. Livestock trade has cattle sharply lower, and hogs mostly higher. Precious metals are higher with gold $13. CORN Corn trade is 2 to 3 cents higher at midday with trade testing upside resistance and our recent trading range. But with that said the daily range is only 4 cents and activity is slow. Ethanol margins are stable with corn and energy firmer this morning, but this has not been the best week for production margins. March is now the front month with carry remaining wide out to May, with basis remaining steady on the light board strength. The daily wire had 130,000 metric tons sold to unknown with exports showing more life the last couple of days. On the March chart support is the low at $3.49. Resistance is the 50-day at 3.60. SOYBEANS Soybean trade is 6 to 7 cents higher at midday with January trade still trading on both sides of $9.90 as we have all week. Meal is $2 higher and bean oil is mixed at midday. South American weather looks like more of the same in the near term, with the extended forecast leaning a touch drier. Basis has been steady so far this week. The export wire was quiet again today after the large sales announced yesterday. The basis trend remains steady to firmer. On the January chart futures are back above the 10-day at $9.91, and the 20-day at $9.87 which is notable support, with resistance the 10.03 weekly high. WHEAT Wheat trade is 5 to 10 cents higher at midday with following-through buying noted along with support from the lower dollar. A positive close today should bring in some chart buying. The plains look pretty warm and dry the next few days, with cooler trend into next week. Australian harvest should continue to make good progress in the near term moving past the half way point, with some rain delays. Black Sea values have remained steady to weak in as they continue to control the export market On the March Kansas City support is the $4.23 low scored Tuesday, with the 20-day at $4.38, 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.