DTN Midday Grain Comments 11/12 11:21

DTN Midday Grain Comments 11/12 11:21 Light Trade in Grains Mixed at Midday Grain trade is narrowly mixed in quiet midday trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the DOW futures down 150 points. The interest rate products are unchanged. The dollar index is 10 points lower. Energies are lower with crude down $1.10. Livestock trade is sharply higher. Precious metals are lower with gold down $6.40. CORN Corn trade is 1 to 2 cents lower at midday with a 4-cent range illustrating little fresh is around today. Spread trade continues to firm with Dec/March carry down to 7 1/2 cents indicating that nearby demand is lifting basis with reluctant farmer selling. The weekly ethanol production report showed production 1.34% higher, stocks were .43% higher, and gasoline demand was 2.22% higher. Ethanol futures are slightly higher after the report. The weekly export sales will be delayed until tomorrow because of the holiday. Hefty supplies and carryover increases should keep upside chart resistance is the $3.71-75 area where we find the 10-day and 20-day moving averages. Support is the new contract low at $3.56. SOYBEANS Soybean trade is 1 to 4 cents higher at midday with commercial business helping trade to find some support early on. Meal is $1 to $2 lower, and oil is 5 to 15 points higher. South America is still looking for an uptick in moisture in the next few days to support planting and early crop development. USDA announced 300,000 metric tons of soybeans sold to China, indicating that we have seen an uptick in demand this week with some trucker strike disruptions in Brazil. January beans moved to a new contract low Tuesday down at $8.50, which is nearby support. Resistance is the 10-day moving average at $8.69. WHEAT Wheat trade is mixed across the three contracts at midday with fairly quiet trade and light short covering overnight and Minneapolis wheat gaining in spread trade. The dollar remains at the upper end of the range, and improved moisture is expected in some of the US wheat growing areas in the next few days, while other areas remain dry. Australian harvest should pick up in the next few days. Better growth is expected in Russia and the Black Sea in the next week with warmer weather and some moisture. The U.S. export competitiveness has improved but remains at a disadvantage due to freight. On the Kansas City December chart support is at the new contract low at $4.55 with resistance at the previous $4.65 low then the 10-day moving average at $4.82. 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.