DTN Midday Grain Comments 11/30 12:44

DTN Midday Grain Comments 11/30 12:44 All Grains Higher at Midday It is a green midday with trade bouncing back after first notice day on December contracts, and some trade optimism. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures down 60. The interest rate products are mixed. The dollar index is 40 higher. Energies are weaker with crude down $0.95. Livestock trade is mixed. Precious metals are weaker with gold $4.50 lower. CORN Corn trade is 4 to 5 cents higher at midday; December has been up as much as 6 with some short covering. Light chat buying has March, which is now viewed as the front month, inching above its 20-day moving average. Market bears argue this is only temporary buying and low ethanol prices severely restrict upside in corn near term. Ethanol margins remain poor with ethanol futures holding the bottom of the range again with crude saying down near the $50 area after the two-month drop from $75. Corn basis should likely fade with a firmer board and a higher March contract versus December. Trade has eased oversold conditions this week. On the March chart we have support at the 10-day at $3.72, with the 20-day to the 100-day our resistance area at $3.77 to $3.78 1/2. SOYBEANS Soybean trade is 5 to 7 cents higher with choppy trade continuing ahead of the G20 Summit and expected U.S./China trade talks. Meal is $1 to $2 higher and bean oil up 5. 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 President Trump/Premier Xi dinner. January support is at the 20-day at $8.82 with resistance the $9.00 3/4 November high. WHEAT Wheat trade is 6 to 9 cents higher at midday on most contracts, with December KC and Chicago up 14-18 cents. Chart momentum is seen at midday with trade still working to build on recent gains. KC Wheat has scored a crossover on the oscillators with a good finish today likely bring in more buying. Russian exports have showed signs of slowing down with the squabble with Ukraine flaring up again. On the March KC chart we have support at the 10-day at $4.94, with resistance the 20-day at $5.05. 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.