DTN Midday Grain Comments 11/20 11:35

DTN Midday Grain Comments 11/20 11:35 Grains Lightly Mixed at Midday Trade is mixed in quiet trade at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow futures near 130 higher. The interest rate products are lower. The dollar index is 55 points higher. Energies are mixed, crude is down $0.30. Livestock trade is solidly higher. Precious metals are mixed with gold flat. CORN Corn trade is narrowly mixed at midday in quiet trade. The daily range has again been less than a dime. It looks like we are heading into holiday mode ahead next week with the narrow action. Corn basis remains stable to firm with reluctant farmer selling on this weakness. Ethanol margins remain under pressure with crude sinking to just over $40 per barrel, and unleaded remains at a sharp discount to ethanol futures limiting blender incentives. The weekly export sales number was a marketing year high yesterday at 721,900 which helped give corn support. The only problem is saying the weekly marketing year high for corn sales is 779,800 tons is a bearish statement. On the chart, first support is the 10-day moving average at $3.62, and then the recent low at $3.56, with resistance that 20-day moving average at $3.70. SOYBEANS Soybean trade is 1 to 3 cents lower at midday with trade firming off the overnight lows with concerns about the election in Argentina and Chinese demand around this morning. Brazil weather looks to be more of the same in the near term, but extended forecast was a bit drier overnight. Soybeans basis has been fairly quiet in recent days, with no major moves yet. The USDA announced 120,000 metric tons of soybeans sold to China. On the January chart, first support is at the $8.50 contract low. Resistance is the 20-day moving average at $8.69. WHEAT Wheat trade is narrowly mixed across the three contracts at midday with improved commercial buying offsetting the stronger dollar this morning. Russian conditions should improve this week heading towards dormancy, with no major cold threats in the near term. Some of the plains wheat gets moisture this week especially with snow fall in the NW part of the belt, but a drier pattern is expected after that especially western plains. Commercial buying has helped push the Chicago contract vs. the Kansas City and Minneapolis this morning with Chicago back to nearly flat on carry. 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 $4.64. 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.