DTN Midday Grain Comments 11/02 12:22

DTN Midday Grain Comments 11/02 12:22 Grains Lower at Midday Wheat is leading a red morning for grains at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow futures up 95 points. The interest rate products are lower. The dollar index is 7 points lower. Energies are lower with crude down 0.40. Livestock trade is mostly lower. Precious metals are lower with gold down $7. CORN Corn is down a nickel at midday which has us near the daily low. The market is still staying within our recent trading range, but the market slipped below the 10-day and lowest major moving average picking up some sell stops. The weekly corn export inspections remained low, at 477,438 tons which also added to the pressure Monday morning. The big corn yields in the west have the market thinking the USDA number should be steady to bigger on the November report due out next Tuesday versus the 168 bpa October yield number and 1.3555 billion bushels production number. On the December chart support is at the $3.72 October low, resistance is at the $3.82 20-day moving average then the 100-day at $3.89. SOYBEANS Soybean trade is down around a nickel at midday with meal off $2 and bean oil down 35 points. Overnight beans were up and challenged the 10-day moving average, at $8.91 on the January contract, then found sellers once we get red on the day. The weekly export inspections were again huge coming in at 2.56 million tons which has helped beans from slipping further. Mixed to favorable forecasts for South America limited upside along with a lack of fresh buyers around ahead of the November USDA report due out next Tuesday. The market should not be expecting too much change from the 3.888 billion bushel USDA October production number. Private forecasts are likely to give us direction this week. The aggregate market continues to call for sideways trade in our recent trading range. On the January chart support is at the $8.75 three-week low with major support down at the $8.57 contract low. First resistance is at the $8.87 50-day, then the $8.96 20-day. WHEAT Wheat trade is 9 to 13 lower across the three contracts at midday. The market failed to see follow-though buying overnight into this morning after the good day on Friday, then some longs appeared to head for the sidelines. The weekly export inspections were very light at 170,993 tons adding to the pressure this morning. The market knows the USDA report will show big domestic and global supplies on the November report which is expected to limit upside this week. On the KC December chart futures moved above the 20-day moving average at $4.92, on Friday then went back below it today making it nearby resistance at midday. Support now is at the $4.84 10-day moving average. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.