DTN Midday Grain Comments 11/14 11:51

DTN Midday Grain Comments 11/14 11:51 Grains Trade Mixed at Midday Soybeans lead at midday with corn flat and wheat soft. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow futures down 100. The interest rate products are weaker. The dollar index is 30 lower. Energies are firmer with crude up $1.00. Livestock trade is mixed. Precious metals are firmer with gold 1.70 higher. CORN Corn trade is flat to a penny lower at midday with light two-sided trade seen so far today. The weekly ethanol report will be delayed until Thursday with margin pressure continuing for producer and blender this week with ethanol futures edging slightly higher today. The USDA announced 212,000 metric tons of corn sold to Mexico. The weekly crop progress report showed harvest at 84% complete, 3% behind average. Basis will likely remain fairly sideways in the near term. On the December chart support is at the 50-day at $3.65, with the 10,20, and 100-day just above the market at $3.67-70. SOYBEANS Soybean trade is 3 to 6 cents higher at midday with trade staying sideways into midweek. Meal is flat to 1.00 higher and oil is flat to 10 points lower. Export business continues to show some signs of life with another 148,000 metric tons sold to unknown today. The weekly crop progress report showed harvest 88% complete, 5% behind average. Basis should remain mostly steady as harvest pressure wraps up. Support is found at the $8.75 area where we find the 100-day moving average. Resistance is up at $9 then the $9.06 3-month high. WHEAT Wheat trade is flat to 6 cents lower with early buying fading yet again, with Minneapolis trade showing the most support. Kansas City trade has firmed against the Chicago trade a bit. Wheat remains near oversold on the oscillators which should help provide support at these levels. The dollar remains near the high end of the range but is working on the second day in a row lower. The weekly crop progress report showed conditions improved to 54% good to excellent, with 12% poor to very poor with 89% planted, 5% behind average, and emergence at 77%, 6 percentage points behind average. On the December Kansas City chart we have support at the lower Bollinger Band at $4.81, and resistance the 10-day at $4.97. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.