DTN Midday Grain Comments 11/22 10:56

DTN Midday Grain Comments 11/22 10:56 All Grains Higher at Midday Soybeans are the leader at midday providing spillover support to corn and wheat. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 24 points and the S&P up 1. The interest rate products are mixed. The dollar index is 3 higher. Energies are mixed with crude down 0.50. Livestock trade is mixed. Precious metals are mostly higher with gold down $0.50. CORN Corn trade is a penny higher at midday following the firmer trade of soybeans after some early weakness. Spread trade has been slightly firmer this morning with light carry coming out of the market. Ethanol margins remain solid with energies firming off the recent lows and corn remaining range bound ahead of a good travel weekend. Basis should remain steady to slightly firmer this week if corn stays flat to lower, but if futures rally basis could still widen albeit seasonally we tend to have basis firm during the last week of November and first week of December. On the December chart resistance is the recent high at $3.58 after trade moved through the 20-day at $3.47. Further support is at the 10 and 50-day at $3.43. SOYBEANS Soybean trade is 4 to 7 cents higher at midday with two sided trade early on and commercial demand adding support with upside momentum now. Meal is $2 to $3 higher and oil is mixed. South American weather should be a non-issue in the near term as planting progresses. Basis should continue to firm a bit with strong nearby demand with harvest wrapped up. Trade will continue to watch the export wire for more business with 30,000 metric tons of oil sold to China. On the January chart support is the 200-day at $9.92 which we closed above Friday, with the 10.31 area next resistance as we moved through $10.00 yesterday. WHEAT Wheat trade is flat to 4 cents higher at midday following the lead of the row crops with the dollar continuing to hold over the 100 mark. The weekly crop progress had 97% planted vs. 99% on average, and 89% emerged vs. 88% on average. Conditions were down 1 percentage point to 58% good to excellent, and 10% poor to very poor, up 2%. Moisture looks to improve for the eastern areas of the winter wheat, but the west will remain on the drier side. Export business continues to go to the Black Sea with some tenders being pulled today. 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.