DTN Midday Grain Comments 11/17 11:12

DTN Midday Grain Comments 11/17 11:12 Grains Mixed at Midday Corn is mixed, beans higher and wheat lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow futures up 100 points. The interest rate products are higher. The dollar index is 18 points higher. Energies are lower with crude down $0.70. Livestock trade is sharply higher. Precious metals are lower with gold down $10.00. CORN Corn trade is narrowly mixed at midday; we appear to have some support under the market from commercial buying. This has again been a quiet mixed day with around a 4 cent range. Ethanol margins remain under pressure for both producer and blenders with December ethanol over 20 cents above unleaded but still near two-month lows. The falling energy prices along with lower corn trade have pulled ethanol futures down. We are seeing more gas pumps in the country down near or below $2. The weekly crop progress report Monday afternoon pegged harvest at 96% complete, 2% ahead of normal. After the export sales announced yesterday, trade will be looking for more business to confirm improved U.S. competitiveness with no new announcements today. Basis remains stable to firm. On the chart, first resistance is the 10-day moving average at $3.66, and then the 20-day at $3.73. Support is the new contract low printed last week at $3.56, then $3.50. SOYBEANS Soybean trade is 2 to 4 cents higher in quiet trade at midday with narrow 8 cent range so far. Meal is flat to $1 higher, and oil is 10 to 20 points higher. Favorable forecasts for Brazil remain for the near term, with 15% of the acreage classified as dry. Brazilian shipments maybe slowed this week by stormy weather at the ports, which could push some business back the US. 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 $8.63 which we have tested this morning, then the 20-day at $8.76. WHEAT Wheat trade is 3 to 9 cents lower at midday with low volume trade working lower with the stronger dollar and rain in Russia easing dryness. Russian conditions should improve this week heading towards dormancy, along with China slated for some rain, but there are concerns about establishment over the broader Black Sea area. The U.S. export competitiveness has improved but remains at a disadvantage plus the dollar was firm today. The winter wheat condition report is 1% higher at 52% good to excellent, and 10% poor to very poor. 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 $4.73. 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.