DTN Midday Grain Comments 11/13 11:33

DTN Midday Grain Comments 11/13 11:33 All Grains Lower at Midday Grain trade is lower across the board at midday By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 130 points. The interest rate products are lower. The dollar index is 44 points higher. Energies are lower with crude down $1.00. Livestock trade is sharply lower. Precious metals are mixed with gold up $1.00. CORN Corn trade is 1 to 3 cents lower in quiet trade at midday with outside markets proving a negative influence with a stronger dollar and crude at multi-month lows. 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. Ethanol blending margins remain poor. The weekly export sales showed improvement at 618,600 metric tons, but remain behind the needed pace. USDA announced 116,000 metric tons of sorghum sold to unknown. Hefty supplies and carryover increases should keep upside chart resistance is the $3.69-74 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 4 to 8 cents lower with expected rains in Brazil and demand concerns over China looming over the market. Meal is $1.50 to $2.50 lower, and oil is 30 to 40 points lower. South America is still looking for an uptick in moisture in the next few days to support planting and early crop development with recent heat expected to ease. The weekly export sales were good at 1.3 million metric tons of soybeans, 208,200 metric tons of soymeal, and 28,900 of oil. 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 $8.67. WHEAT Wheat trade is 2 to 5 cents lower across the three contracts at midday with the row crop weakness dragging trade lower. 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. Continental Europe is fairly dry going into winter. The U.S. export competitiveness has improved but remains at a disadvantage due to freight with export sales remaining soft at 226,700 metric tons.. 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 $4.76. 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.