DTN Midday Grain Comments 11/30 15:20

DTN Midday Grain Comments 11/30 15:20 Corn, Soybeans Higher at Midday Trade is higher at midday, led by soybeans. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are mixed with the Dow down 40 points. The interest rate products are mixed. The dollar index is 20 points higher. Energies are higher with crude up $0.60. Livestock trade is mostly lower. Precious metals are higher with gold up $6. CORN Corn trade is 2 to 4 cents higher with trade firming up during the day session with light chart buying showing up. Basis is expected to stay steady to start the week, with poor weather potentially slowing movement in the near term. Ethanol margins are slightly improved this morning with gains in the energy complex offsetting the firmer corn trade. The weekly export inspections were disappointing at 298,692 metric tons. On the March chart, first support was the recent low at $3.65, with the 20-day at $3.73 chart resistance. Expect buy stops above here, the 50-day at $3.86 is the next chart level above the 20-day. SOYBEANS Soybean trade is 4 to 6 cents higher at midday, with trade moving nearly a dime higher with good commercial buying evident. Meal is $1 to $2 higher, and oil is 30 to 40 points higher. South American weather looks better for Brazil than Argentina in the near term with no major issues so far. Soybeans basis has been fairly quiet in recent days, with no major moves. The weekly export inspections were strong at 1.835 million metric tons. On the January chart, support is now the 20-day moving average at $8.66 with resistance at $8.81, the 50-day then $9.21-$9.24 which is the area of the 100-day and 3-month high. If trade can stay above the nearby support, some additional chart buying may come in. WHEAT Wheat trade is mixed at midday with spread unwinding favoring the Kansas City and Minneapolis trade as they move towards 5 to 8 cents higher, while the strong dollar limits buying. Commercial selling has picked up a bit in the Chicago trade as the spreads unwind. World weather conditions should be stable this week, with some improvement for China expected. Condition reports from the Ukraine are significantly lower than last year. Weekly export inspections were soft at 275,736 metric tons. The recent winter storms will slow down this week in the U.S. On the March Kansas City chart support is at the new contract low printed Monday and today at $4.65 with resistance at the $4.73 10-day moving average which we are challenging at midday. 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.