DTN Midday Grain Comments 11/16 11:21

DTN Midday Grain Comments 11/16 11:21 Grains Mixed at Midday Grain trade is mixed in quiet action at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are mixed with the Dow futures up 45 points. The interest rate products are mostly lower. The dollar index is 18 points higher. Energies are lower with crude down $0.50. Livestock trade is sharply lower. Precious metals are mixed with gold up $4.00. CORN Corn trade is fractionally to a penny higher at midday; overnight and early morning trade was mixed, the` daily range has only been 3 cents. Spread trade continues to firm slightly with Dec/March carry down to 7 1/4 cents indicating that nearby demand is lifting basis with reluctant farmer selling. Ethanol margins remain under pressure with energy failing to hold the early gains. The weekly export inspections were soft at 373,618 metric tons, and harvest is effectively complete nationally. The USDA announced 1.44 million metric tons of corn sold to Mexico, with 2/3 for this crop year; this helped limited downside today. Hefty supplies and carryover increases seen last week should keep upside chart resistance is the $3.67-73 area where we find the 10-day and 20-day moving averages. Support is the new contract low at $3.56, then $3.50. SOYBEANS Soybean trade is narrowly mixed in quiet trade at midday with wetter weather forecast in Brazil helping to keep trade defensive. Meal is flat to $1 lower, and oil is 5 to 15 points higher. Brazilian shipments maybe slowed this week by stormy weather at the ports. The weekly export inspections remained strong at 2.17 million metric tons. The USDA announced 180,000 metric tons of soybeans sold to China. Harvest progress is virtually complete so the market will not pay much attention to the weekly progress and condition numbers any longer. January beans moved to a new contract low last week at $8.50, which is nearby support. Resistance is the 10-day moving average at $8.65. WHEAT Wheat trade is mixed with the higher-protein wheats gaining vs. the Chicago contracts this morning. Better growth is expected in Russia and the Black Sea area this week with warmer weather and some moisture. Continental Europe is fairly dry going into winter, but concerns are still limited at this point. The U.S. export competitiveness has improved but remains at a disadvantage. The weekly export inspections remained soft at 279,013 metric tons, with winter wheat conditions steady to slightly higher. On the Kansas City December chart support is at the new contract low at $4.55 with resistance at the 10-day moving average at $4.75. 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.