DTN Midday Grain Comments 11/09 10:56

DTN Midday Grain Comments 11/09 10:56 Grains Mixed at Midday Trade is mixed ahead of the report at midday with soybeans leading. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the DOW futures up 140 points. The interest rate products are mostly higher. The dollar index is 45 points higher. Energies are mixed with crude down 0.10. Livestock trade is mixed. Precious metals are higher with gold up $11.00. CORN Corn trade is 1 to 3 cents lower at midday with trade coming off the intial lows overnight from the election reaction. The USDA World Agricultural Supply and Demand Estimates (WASDE) is due out at 11, most are not expecting much change with outside market direction likely providing more influence today. The average yield guess is going to be at 173.1 bushels with ending stocks of 2.31 billion bushels. The report will remind us of our growing domestic and global grain stocks. The weekly ethanol production report showed production down 20,000 barrels per day, and stocks down 2.6%. On the December contract support is the 10-day and 20-day moving average at $3.51 with the 50-day at $3.42 below that, with further resistance the 100-day at $3.57. SOYBEANS Soybean trade is 1 to 4 cents higher at midday bouncing back sharply from the overnight lows during the day session. Meal is $2 to $3 higher, and oil is 40 to 50 points lower. Basis has steady to firm in some areas as harvest wraps up and usage remains strong. Most traders are expecting a steady to slightly higher production number on the WASDE with the average guess at 51.9 bushels with carryout at 424 million bushels. Planting should continue to move along in South America with the near term weather threats limited. On the January soybean chart support is at the 10-day at 10.03 which we moved above yesterday, with the upper band of resistance at $10.28, which is the recent high. WHEAT Wheat trade is mixed this morning with trade showing less volatility than the row crops this morning. The dollar has turned higher after the intial losses but remains range bound. The weather forecasts are viewed as neutral at this juncture with above normal temperatures expected to continue well into November, but the forecast looks drier over the next week. Trade overall continues to work in the recent lateral range. The report is expected to show wheat carryout at 1.143 billion bushels. On the Kansas City December chart support is at the recent three-week low printed Monday at $4.05, with $3.97 below there. The two-month high at $4.28 1/4 is key resistance, with trade around the 10,20, and 50-day moving average clustered at $4.14. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.