DTN Midday Grain Comments 11/23 11:04

DTN Midday Grain Comments 11/23 11:04 Grains Mixed at Midday Soybeans are the leader at midday with corn and wheat struggling By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the DOW futures up 24 points and the S&P down 6. The interest rate products are higher. The dollar index is 70 higher. Energies are mixed with crude down .10. Livestock trade is mixed. Precious metals are mixed with gold down $24.10. CORN Corn trade is 1 to 3 cents lower at midday with selling returning as we get ready to head into the Thanksgiving break with little new news. Spread trade is steady to slightly firmer with the roll to the March contract by buyers just around the corner. Ethanol margins remain solid with the weekly production report showing production down 3,000 barrels per day, and stocks 1.8% higher. Basis has continued to find some seasonal firmness but it not moving very quickly. 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 $3.44. SOYBEANS Soybean trade is 2 to 5 cents higher at midday as so oil leads trade back from overnight weakness. Meal is $8 to $9 lower, and oil is 210 to 220 points higher with focus on veg oil in southeast Asia. South American weather should be a non-issue in the near term as planting progresses but will need to be watched as we move into December. Basis should continue to firm a bit with strong nearby demand for beans and products. Trade will continue to watch the export wire for more business with no new sales announced today. On the January chart support is the 10-day and 20-day at $10.00, with the 200-day at $9.93 below that, with resistance the recent high at $10.33. WHEAT Wheat trade is flat to 5 cents lower across the three contracts at midday with a lack of spillover from the row crops, along with the firm dollar limiting upside as it made new 14 year highs this morning. The supply overhang will continue to work against trade as well. Export business continues to go to the Black Sea with some tenders being pulled today. Cooler weather should limit moisture stress on the western plains, but the situation will need to be watched with the drier weather so far this fall. 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.