DTN Midday Grain Comments 11/30 12:54

DTN Midday Grain Comments 11/30 12:54 Grains Mixed at Midday Corn and winter wheat are gaining on beans at midday; beans are down 6 cents. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are sharply higher at midday with the DOW futures up 355 points. The interest rate products are lower. The dollar index is 22 points lower. Energies are lower with crude 0.20 lower. Livestock trade is lower. Precious metals are lower with gold off $10. CORN Corn trade is seeing follow-through buying on short profit taking and cash demand. Trade is 3 higher at midday with December 7 cents above the fresh low printed yesterday. Outside markets have the stock market flying to new highs with crude lower. The weekly export sales were at the lower part of expectations at 599,200 metric tons. On the March contract we moved above the $3.56 20-day at midday, a close above here would be positive. The next level of resistance is the $3.60 1/4 50-day moving average. SOYBEANS Soybean trade is 6 cents lower at midday with January trade back below the $9.90 area. Meal is down fractionally and soybean oil is down 25 points. The weekly sales were okay at 942,800 metric tons of beans, $176,600 of meal and 11,600 tons of soybean oil. A lack of a weather issue in South American appears to be keeping buyers away. On the January chart futures are back below the $9.88 20-day which is now resistance with the 100-day at $9.81 support followed by the 200-day at $9.78. WHEAT Wheat trade is a penny higher on Minneapolis to 3-6 cents higher on the winter wheat contracts. Trade was lower overnight coming from deliveries showing up on the Chicago contract as the December contract goes into delivery today. At midday we are 8 cents above our overnight lows. The wheat sales were poor at 184,400 metric tons. The plains look pretty warm and dry the next few days, with cooler trend into next week. Australian harvest should continue to make good progress in the near term moving past the half way point. On the March Kansas City support is the $4.23 low scored Tuesday, with the 20-day at $4.39, 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.