DTN Midday Grain Comments 11/30 11:09

DTN Midday Grain Comments 11/30 11:09 Grain Mixed at Midday Grain trade is mixed at midday with soybeans lagging. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures up 65 points and the Nasdaq down 25. The interest rate products are higher. The dollar index is 80 higher. Energies are higher with crude up 3.90 after the OPEC deal came together. Livestock trade is higher. Precious metals are mixed with gold down $17.50. CORN Corn trade is flat to 2 cents higher at midday with light buying returning as crude oil streaks higher on prospects of an OPEC agreement. Trade will be watching to how the deal is implemented and Russia's level of cooperation. The weekly ethanol production report kept production virtually unchanged with stocks down 2.7%, and strong export potential going into the end of the year. Corn basis should stay steady to firmer with the break in futures slowing farmer selling. On the March chart resistance is at the $3.54 level where we find the 10-, 20-, 50-, and 100-day moving average that we moved below this morning, support is now the recent low at $3.49. December futures move into delivery today. SOYBEANS Soybean trade is 5 to 9 cents lower at midday with trade failing to hold the overnight gains during the day session with spread trade weakening. Meal is $4 to $5 lower, and oil is 20 to 30 points higher. South American weather will gain importance as we move into December with major concerns remaining limited. Basis should remain steady in the near term with farmer selling slowing with the rally. The export wire is quiet to start the week, but we did see China buy 123,000 metric tons this morning. On the January chart trade put in a new at $10.65 Monday which is now nearby resistance, with trade well above the 10-day and highest moving average at $10.24. WHEAT Wheat trade is flat to 3 cents higher across the three contracts at midday with trade favoring Minneapolis and Chicago trade. The supply overhang will continue to work against trade as well with dollar values holding near the upper end of the range, and the ruble sliding, although if the crude bounce holds, the ruble should rally in tandem with the dollar. Australian harvest is well underway as well with good results so far with Argentina looking good as well. Cooler weather should limit moisture stress on the western Plains, with the extended forecast trying to introduce more rain for Texas, while western Kansas will continue to struggle. On the Kansas City March chart, trade fell below the $$4.28 area where the 10,20, and 50-day moving averages were clustered, as they become resistance again, and support will be the recent lows at $4.17. 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.