DTN Midday Grain Comments 11/19 11:22

DTN Midday Grain Comments 11/19 11:22 Corn Mixed at Midday; Beans, Wheat Higher Trade is flat to slightly higher across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are mixed with the Dow futures near unchanged. The interest rate products are lower. The dollar index is 80 points lower. Energies are mixed, crude is down $0.40. Livestock trade are mixed. Precious metals are higher with gold up $15. CORN Corn trade is narrowly mixed in quiet trade at midday anchored by some commercial buying. Trade has surrendered the early gains posted after the stronger than expected export sales. Corn basis remains stable to firm with reluctant farmer selling on this weakness. On the chart, first resistance is the 10-day moving average at $3.63, and then the 20-day at $3.71. Support is the new contract low printed last week at $3.56, then $3.50. The weekly export sales were good at 779,800 metric tons, which was improved but still lagging the pace needed to meet expectations. SOYBEANS Soybean trade is 1 to 4 cents higher at midday with improved commercial buying during the day session. Meal is $1 to $2 higher, and oil is flat to 10 points higher. Trade will be looking for additional export sales confirmations on the daily reporting but we have been quiet on that front since Monday. The weekly export sales were strong with 1.8 million metric tons of soybeans, 224,100 metric tons of meal, and 37,700 of oil. Brazil is expected to see an uptick in moisture in the near term, which should support early development for much of the growing area. On the January chart, first support is at the $8.50 contract low. Resistance is the 20-day moving average at $8.71. WHEAT Wheat trade is 2 to 5 cents higher with light buying at midday supported by commercial action and the weaker dollar trade. 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, along with geopolitical concerns. Some of the Plains wheat gets moisture this week, but a drier pattern is expected after that especially western plains. The weekly export sales were much stronger at 721,900 metric tons, but sustained improvement will be needed. 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 $4.66. 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.