DTN Midday Grain Comments 11/25 10:59

DTN Midday Grain Comments 11/25 10:59 Grains Mixed at Midday Wheat leads mixed midday trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 120. The dollar index is 2 higher. Interest rate products are weaker. Energies are mixed with crude $0.10 higher. Livestock trade is mostly higher. Precious metals are weaker with gold down $6.40. CORN Corn trade is 2 to 3 cents higher with light buying to start the week as trade continues to look for a spark to trigger short covering ahead of the December contract going into delivery. Ethanol margins remain stable with ethanol futures almost a nickel higher this a.m. Basis has held up well with the slow pace of harvest so far with mixed with 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. Weekly export inspections were within the recent range at 604,592 metric tons. Weekly harvest progress should be in the 85% area. 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 3 cents lower at midday with light overnight buying evaporating again amid little fresh news. Meal is flat to $1.00 higher, and oil is 45 to 55 points lower. The ral is testing the lows again, hurting U.S. competitiveness. Bean basis has moved to a more sideways trend short term with pockets of firmness showing up at crushers. Weekly export inspections were strong at 1.92 million metric tons. Weekly harvest progress is expected to in the 96% complete range. On the January chart support is the lower Bollinger Band at $8.93, which we are just above with resistance well above the market at $9.20 where the 20-day moving average, along with oversold conditions. WHEAT Wheat trade is 5 to 12 cents higher at midday with Chicago helping lead trade into the high end of the range. The Chicago/Kansas City December spread is 97 cents with wider action to start the week, and back near the record Chicago also holding a 30 cent premium to Minneapolis. The dollar remains in the midpoint of the range. Export business remains focused on the Black Sea again. The extended forecast hints at some relief for the drier western areas with mixed temps. Weekly export inspections were inline with recent weeks at 420,813 metric tons. Weekly crop progress is expected to show steady to slightly lower conditions with emergence still lagging. 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 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.