DTN Midday Grain Comments 11/27 11:18

DTN Midday Grain Comments 11/27 11:18 Grains Mixed at Midday Winter wheat scores new lows, with row crops mixed. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer at midday with the Dow up 30 points. The interest rate products are mostly higher. The dollar index is 5 points lower. Energies are weaker with crude 1.20 lower. Livestock trade is higher. Precious metals are mixed with gold up $9.30. CORN Corn trade is 2 to 3 cents lower at midday with a soft start to the week. Ethanol margins should remain stable as long as energy can stay in the upper end of the complex, with some weakness for ethanol futures to start the week. Carry has narrowly slightly to start the week, with basis mostly steady. The weekly export inspections are expected to be in the 500,000-to-750,000-metric-ton range with technical difficulties delaying the release. Harvest progress is expected to be effectively complete today. On the December chart support is the 10-day at $3.41 3/4 which we are below this morning, with the low at $3.36 1/4 below that. Resistance is at the $3.48 3/4 50-day moving then the $3.58 six-week high. SOYBEANS Soybean trade is flat to 2 cents higher at midday with trade failing to hold the early move over the $10.00 area. Meal is $3 to $4 higher, and oil is 30 to 40 points lower. South American weather looks like more of the same in the near term, with the Argentina showing a wetter near term stretch for some for the drier areas. Harvest should be complete on the weekly report. Export inspections are expected to be in the 2.0-to-2.5-million-metric-ton range. Basis has continued to firm at processors. On the January chart, futures moved back above all the major moving averages, with the 20-day at $9.87 the first level of support which we are just above, and the recent high at $10.08 the next level of resistance. WHEAT Wheat trade is 3 to 8 cents lower at midday with trade scoring new lows on fresh selling this a.m. The Plains look pretty warm and dry the next few days, which will attract more attention heading to dormancy but for now is not a major issue. Basis has remained steady. Black Sea values have remained steady to weak in recent days. Weekly crop conditions are expected to be steady to slightly lower with emergence near complete. Weekly export inspections are expected to be in the 200,000 to 400,000 metric ton range. On the December Kansas City support is the $4.08 low scored this morning, with the 20-day at $4.22, as resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (SK) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.