DTN Midday Grain Comments 11/10 11:13

DTN Midday Grain Comments 11/10 11:13 All Grains Higher at Midday Corn is 3 to 5 cents higher, soybeans are 10 to 12 cents higher, and wheat is 4 to 7 cents higher. David M. Fiala DTN Contributing Analyst The U.S. stock market is mixed with the Dow up 180. The dollar index is 5 points higher. Interest rate products are mixed. Energies are firmer with crude $0.70 higher. Livestock trade is narrowly mixed. Precious metals are mostly higher with gold up $27.00. CORN Corn trade is 3 to 5 cents higher ahead of the November WASDE report at 11AM central with harvest pretty well concluded nationally and spillover support developing this a.m. Ethanol margins will remain tight for producer and blender with driving demand likely to be watched closely in the short term with the bump in crude and unleaded providing gains to start the week. Basis remains generally strong with river basis becoming erratic again with barge availability in question. The WASDE report is expected to show carryout at 2.033 billion bushels, down 160 million from last month with yield down slightly at 177.7 BPA. Weekly harvest progress showed harvest at 91% complete, with weekly export inspections remaining rangebound at 690,079 metric tons. On the December contract, support is the 20-day at $4.06 with the recent high at 4.22 1/4 as resistance. SOYBEANS Soybean trade is 10 to 12 cents higher with trade into new highs with buying again expected to foreshadow export announcement with light spread strength this a.m. and 132,000 metric tons sold to unknown. Meal is $3.00 to $4.00 higher and oil is 5 to 15 points higher. South America has more dry pockets building but with relief spotty in the short term. Basis remains strong as we continue to work to max out our logistics capacity to ship the needed export bushels with freight issues popping up on the river system. The WASDE report is expected to show carryout at 235 million bushels, down from 290 last month on yield of 51.6 BPA, down 0.3 from last month. Weekly export inspections are expected to be in the 2.496 million metric ton range, with harvest 92% complete. The January chart has resistance at the fresh high at the fresh high at 11.23 3/4 scored this AM, with support the 20-day at $10.73. WHEAT Wheat trade is 3 to 6 cents higher with choppy action continuing with a bit of improvement on the plains, and some potential relief for Russia in the extended forecast along with spillover from the row crops. The near term weather pattern looks to cool off for the plains with moisture concentrated from the central to the east coming out of the weekend with more moderate temps later in the week. The weaker dollar will improve export competitiveness if sustained here with rally still keeping us in the lower end of the range. Kansas City is at 49-cent discount to Chicago with spreads headed to the lower end of the range, while Minneapolis is back to 46 cent discount as well. The WASDE report is expected to show carryout at 881 million bushels, effectively unchanged from last month. Weekly crop progress showed planting progress at 93% vs. 91% on average, and 79% emerged vs. 78% on average, with conditions 2% better to 45% good to excellent, and 17% poor to very poor. Kansas City December chart resistance is the fresh high at $5.79 1/2, and support is the 20-day at $5.55 which we are just below overnight, then the lower Bollinger Band at $5.36 below that. 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 (c) Copyright 2020 DTN, LLC. All rights reserved.