DTN Midday Grain Comments 11/22 11:04

DTN Midday Grain Comments 11/22 11:04 Grains Mixed at Midday Wheat leads mixed midday trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is mixed with the Dow up 60. The dollar index is 25 higher. Interest rate products are mixed. Energies are mixed with crude $0.90 lower. Livestock trade is mostly lower. Precious metals are mixed with gold up $2.10. Corn Corn trade is 1 to 2 cents higher at midday with light buying during the day session. Ethanol margins remain stable with corn and ethanol futures slightly firmer. Basis has held up well with the slow pace of harvest so far with more open weather short term. South America should see areas of improvement as planting progresses, especially in Brazil with no major issues on the horizon for now. On the December contract, support is the $3.65 3/4 lows from Wednesday along with the lower Bollinger Band at $3.62, with resistance the 20-day at $3.77, along with heavily oversold conditions. SOYBEANS Soybeans are 1 to 2 cents lower with trade dipping below $9.00 with the usual overnight short covering evaporating quicker than usual for the week and weaker trade continuing through the day session. Meal is $1.00 to $2.00 lower, and oil is 25 to 35 points higher. The ral has turned more sideways after the recent break. Bean basis has moved to a more sideways trend short term with pockets of firmness showing up at crushers. On the January chart support is the lower Bollinger Band at $8.98, which we are just above with resistance well above the market at $9.22 where the 20-day moving average, along with oversold conditions. WHEAT Wheat trade is flat to 8 cents higher at with trade trying to return to positive action after the early-week gains faded on Thursday with Chicago taking the lead this a.m. The Chicago/Kansas City December spread is 90 cents with choppy action this week, Chicago also holding a 21 cent premium to Minneapolis. The weaker dollar could help more if sustained vs. world values this week with mixed action today. Export business remains focused on the Black Sea with feed competitiveness fading. The extended forecast hints at some relief for the drier western areas with late-planted wheat struggling to emerged. The December Kansas City chart support is the lower Bollinger Band at $4.13, with resistance the 20-day at 4.23 which we are just above at midday and then the recent highs at $4.38. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (CZ) Copyright 2019 DTN/The Progressive Farmer. All rights reserved.