DTN Midday Grain Comments 11/26 10:59

DTN Midday Grain Comments 11/26 10:59 All Grains Lower at Midday Broadly weaker trade with soybeans the downside leader. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 30. The dollar index is 2 higher. Interest rate products are weaker. Energies are mixed with crude $0.02 lower. Livestock trade is mixed. Precious metals are firmer with gold up $3.50. CORN Corn trade is 1 to 2 cents lower at midday with rangebound trade continuing into the delivery period for the December contract. Ethanol margins continue to improve with ethanol futures spiking higher again before fading a bit in the day session. Basis has held up well with the slow pace of harvest so far with another storm stopping harvest. South America should see areas of improvement as planting progresses, especially in Brazil with no major issues on the horizon for now. Weekly harvest progress was 84% complete vs. 96% on average. On the March contract support is the lower Bollinger Band at $3.72, with resistance the 20-day at $3.86, along with heavily oversold conditions. SOYBEANS Soybeans are 7 to 8 cents lower with light midday buying evaporating again amid little fresh news as trade continued to grind lower with sharply oversold conditions persisting. Meal is $2.00 to $3.00 lower and oil is 20 to 30 points lower. The ral is testing the lows again, hurting U.S. competitiveness but some export sales were retroactively added to last week's daily wire. Bean basis has moved to a more sideways trend short term with pockets of firmness showing up at crushers. Weekly harvest progress was 94% complete vs. 96% on average. On the January chart support is the lower Bollinger band at $8.88 which we are below at midday, 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 1 to 6 cents lower at midday with trade fading from the Monday spike overnight with the choppy trade expected to continue through delivery. 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 32 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 while the Black Sea has some short-term dryness. Weekly crop progress showed conditions unchanged at 52% good to excellent, and 11% poor to very poor with emergence at 87% vs. 90% on average. The March Kansas City chart support is the 20-day at $4.33 5/8, and resistance the upper Bollinger Band at $4.48. 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.