DTN Midday Grain Comments 11/29 12:11

DTN Midday Grain Comments 11/29 12:11 Soybeans, Wheat Trending Lower at Midday Corn leads mixed trade at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow futures down 110. The interest rate products are weaker. The dollar index is 2 higher. Energies are firmer with crude up $1.15. Livestock trade is mixed with hogs leading in active trade. Precious metals are mixed with gold $2 higher. CORN Corn trade is trading a penny higher at midday in quiet trade with light two sided action so far. Ethanol margins remain poor with ethanol futures finding the bottom of the range again. Corn basis should firm a bit with March becoming the front month. Trade remain heavily oversold but is now moving away from the lows with another positive day needed for further confirmation. The December contract will go into delivery this evening. Weekly export sales were strong at 1.27 million metric tons. On the December chart we have support at the $3.55 fresh low. Resistance is at the $3.61 10-day moving average which we are just above at midday with the 100-day at $3.65 above it. SOYBEANS Soybean trade is 1 to 3 cents lower with trade fading back to the middle of the recent range with the active trade continuing ahead of the G20 summit and two sided action as news gets released today. Meal is narrowly mixed and oil is flat to 10 points lower. Weekly export sales remain soft at 628,800 metric tons of beans, 189,500 of meal, and 9,200 of oil. South American continues to make good progress with limited weather concerns at this juncture with excessive rain the biggest problem in Brazil with Argentina ahead of normal, and the local currencies remaining cheap. Trade talks will remain in focus into the weekend as well with talks supposedly going on ahead of the dinner of President Trump and Premier Xi. January support is at the 20-day at $8.80 with resistance the $8.95 recent high. WHEAT Wheat trade is flat to 3 cents lower at midday with the higher protein wheats leading again Kansas City and Minneapolis finding better support. Kansas City wheat remains very oversold with trade moving towards a crossover again if we can follow through today along with narrowing the discount vs. Chicago by another 3 cents overnight with the spread now at 28 cents from 43 Tuesday. Russian exports have showed signs of slowing down. Weekly export sales were a little softer at 377,100 metric tons. On the December Kansas City chart, we have support at the lows at $4.56, and resistance the 10-day at $4.70. 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.