DTN Midday Grain Comments 11/17 11:34

DTN Midday Grain Comments 11/17 11:34 Grains Lightly Mixed at Midday Corn and wheat have light gains, beans light losses in a pre-holiday-type midday trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 37 points and the S&P up 11. The interest rate products are lower. The dollar index is 20 higher. Energies are higher with crude up 0.50. Livestock trade is higher. Precious metals are higher with gold up $3. CORN Corn trade is 2 cents higher at midday in slow trade; the daily range has been less than 3 cents. Outside markets are supportive with crude higher, stocks higher and the dollar mostly lower this morning, but the dollar strength this week as a whole is a negative outside market item in the bigger picture. Ethanol margins remain solid, although they have slipped a bit from the beginning of the month. Harvest is effectively wrapped up with basis and carry expected to be steady this week with plenty of corn in the countryside. The weekly export sales were 1.66 million metric ton which was supportive. On the December chart the 50-day at $3.43 is resistance then the 20-day at $3.49. Support is at the new low for the move printed Monday at $3.35 1/2 then the two-month low at $3.25. SOYBEANS Soybean trade is 1 to 2 cents lower at midday; meal is fractionally higher and bean oil down 30 points. Beans have seen a dime range and in the middle of that range at midday with flat momentum. South American weather remains conducive to planting and early crop development. The domestic harvest is effectively over so basis should firm a bit with the needs of the export program and crush demands. China was in buying another 165,000 metric tons of soybeans yesterday with the daily wire expecting to remain active. The weekly export sales were at 1.4 million tons beans, 437,400 tons meal and 14,400 tons bean oil. The good export demand continues to limit downside in beans due to the large record 2016 crop. On the January chart support is at the 50-day at $9.79, then the $9.72 lower Bollinger Band. Resistance is at the $9.90 200-day moving average which we are testing overnight. WHEAT Wheat trade is mostly 2 to 3 cents higher at midday across the three contracts following a slightly better than expected sales number. Support early came from the weaker dollar and firmer row crop trade but those items have faded. Conditions have held up well despite dry conditions in much of the belt, which along with supplies are keeping trade defensive. The weaker emerging market currencies have heightened the disadvantage from the strong dollar. The weekly export sales were better than expected which is providing support, they were at 598,400 tons. On the Kansas City December chart we traded to a new low for the move down to $4.01 which is nearby support then $3.97. Resistance is at the $4.11 10-day, then the $4.15 20-day followed by the 2-month high at $4.28 1/4. 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.