DTN Midday Grain Comments 11/21 11:06

DTN Midday Grain Comments 11/21 11:06 Grains Mixed at Midday Soybeans lead at midday, with corn flat and wheat mixed. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow futures up 175. The interest rate products are firmer. The dollar index is 15 lower. Energies are firmer with crude up $1.10. Livestock trade is mixed. Precious metals are firmer with gold up $6.40. CORN Corn trade is narrowly mixed at midday with trade grinding along again as we head to the Thanksgiving break. The weekly ethanol production report showed production off 25,000 barrels per day, but still higher than this week a year ago, and stocks were off 725,000 with the draw down for Thanksgiving travel. Corn basis should be sideways to firmer the rest of the month if the board says sideways to weaker. Trade is also now heavily oversold in the near term. The export news has been mixed so far this week. On the December chart we edged just below the 50-day at $3.65 with the lower Bollinger Band at $3.59 below that now support. Resistance above the 50-day is at the $3.68 20-day moving average. SOYBEANS Soybean trade is 6 to 8 cents higher with trade rebounded back towards the upper end of the range. Meal is flat to $1 higher and oil 35 to 45 points higher. Export business has picked up recently as harvest winds down with multiple sales on the daily wire over the past week. South American continues to make good progress with limited weather concerns at this juncture. Trade progress continues to get mixed signals from the administration. Support the 100-day at 8.75 with the upper Bollinger band at 9.03 resistance. WHEAT Wheat trade is flat to 4 cents lower at midday in quiet action as we continue to scrape along the lower end of the range.Kansas City wheat remains very oversold on the oscillators which should help provide support at these levels but we will need some positive action to confirm with Chicago not quite as oversold, and the Chicago/Kansas City spread still widening. The dollar has dropped with calmer outside markets this morning. On the December Kansas City chart we have support at the lows at $4.69, and resistance the 10-day at $4.83. 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.