DTN Midday Grain Comments 11/21 11:32

DTN Midday Grain Comments 11/21 11:32 Beans Higher at Midday Soybeans are sharply higher at midday, corn and wheat near unchanged. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the DOW futures up 45 points and the S&P up 10. The interest rate products are mostly lower. The dollar index is 28 lower. Energies are higher with crude up 1.50. Livestock trade is higher. Precious metals are mostly higher with gold up $4.70. CORN Corn trade is a penny higher at midday with spillover support from beans but in comparison corn is sleeping with only a 3 cent range versus the 25 cent trading range in beans. The rally, although small, on Friday did help curb chart selling. Ethanol margins remain solid with energies firming off the recent lows and corn strength limited. Basis and carry should remain steady to slightly firmer this week if corn stays flat to lower, but if futures rally basis could still widen. The weekly export inspections were good at 875,976 metric tons. On the December chart resistance is the 20-day at $3.47, with the recent high at $3.58 above that. Support is at the 10 and 50-day at $3.43, with new low for the move printed last week at $3.35 1/2 then the two-month low at $3.25 below that. SOYBEANS Soybean trade is 20 to 23 cents higher at midday due to chart buying and commercial buying tied to palm oil strength and protein strength. Meal is $7 to $8 higher at midday and oil is 60 to 70 points higher. South American weather should allow for good near-term planting with the dry area moving north in the near term. Basis should continue to firm a bit with strong nearby demand with harvest wrapped up. The weekly export inspections were strong at 2.67 million metric tons. On the January chart support is the 200-day at $9.92 which we closed above Friday, with the 10.20 area next resistance as we moved through $10.00 overnight. Further support will be the 50-day at $9.81. WHEAT Wheat trade is mixed at midday with early gains fading as the large supply overhang continues to limit rally attempts. The dollar continues to consolidate over 100 which will limit any attempt to rally but there is some weakness this morning. Conditions have held up well despite dry conditions in much of the belt with some moisture catching NW Kansas from the winter storm, with conditions expected to be steady this week. The weekly export inspections were ok at 429,700 metric tons. On the Kansas City December chart, trade was able to get back over the 10-day at $4.08, the 20-day at $4.11, and the 50-day at $4.13 becoming support, and overhead resistance at $4.28. 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.