DTN Midday Grain Comments 11/12 11:11

DTN Midday Grain Comments 11/12 11:11 All Grains Lower at Midday Corn is 7 to 8 cents lower, soybeans are 8 to 9 cents lower, and wheat is 3 to 8 cents lower. David M. Fiala DTN Contributing Analyst The U.S. stock market is weaker with the Dow down 170. The dollar index is 15 points lower. Interest rate products are higher. Energies are mixed with crude $0.40 higher. Livestock trade is mixed. Precious metals are firmer with gold up $15.00. CORN Corn trade is 7 to 8 cents lower at midday with the soft close to yesterday carrying into the overnight session with weaker spread trade continuing with the export wire remaining quiet. The weekly ethanol report showed production up 16,000 barrels per day to the best levels in months, but stocks jumped sharply by 484,000 barrels with weekly export sales delayed until Friday. Basis remains generally strong with river basis becoming erratic again with barge availability in question. On the December contract support is the 20-day at $4.09, which we are testing at midday with the recent high at 4.28 as resistance. SOYBEANS Soybean trade is 8 to 9 cents lower at midday with trade holding in the upper end of the range, but fresh buying and weaker spread trade is limiting action so far. Meal is $6.00 to $7.00 lower and oil is 15 to 25 points lower. South America has more dry pockets building with Brazil looking to see more relief 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 hurting basis there. Trade will be watching to see if any further export business is confirmed with nothing on the wire today. The January chart has resistance at the fresh high at the fresh high at 11.62 scored Wednesday, with support the 20-day at $10.84. WHEAT Wheat trade is 3 to 8 cents lower at midday with negative spillover from the row crops and more relaxed short-term weather issues. The dollar remains in the lower end of the range. The near-term weather pattern should be warmer and drier short term for most. The dollar strength will provide a headwind if maintained. Kansas City is at 48 cent discount to Chicago with spreads coming off the lows, with Minneapolis at -45. Kansas City December chart resistance is the fresh high at $5.79 1/2, and support is the 20-day at $5.57 which we closed just below yesterday and remain softer overall, then the lower Bollinger Band at $5.38 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 Editor's Note: Be among the first to hear DTN Lead Analyst Todd Hultman's 2021 market outlook and ask him questions live by attending the DTN Ag Summit, Dec. 7-9. This year's event is virtual and as a DTN subscriber your registration is FREE. That's a $99 savings and our thanks to you for being a critical member of DTN. Our premier farmer and rancher event features markets updates from Todd and livestock analyst ShayLe Stewart as well as our annual weather outlook by Senior Ag Meteorologist Bryce Anderson. Other speakers include: U.S. Ambassador Kip Tom; Ken Eriksen and Paul Hughes of IHS Markit; Microsoft Chief Scientist Ranveer Chandra; personal development speakers David Horsager and Jon Gordon; farmers Reid and Heather Thompson; farm blogger Meredith Bernard, and many more. You can take part in it all from the comfort of your home, office or tractor cab. Register at https://nam03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.dtn.com%2Fa gsummit&data=04%7C01%7Cscott.kemper%40dtn.com%7Cac6bbb50e0fb4f3d7a1b08d88699dc5f %7Cd945da26f07f451496e79b8f78a743d0%7C0%7C0%7C637407342673182917%7CUnknown%7CTWF pbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C10 00&sdata=zi1jW0ynZUMUhIQ28h0u%2Fa6%2Bg475T5RkEAGxIVk9FI8%3D&reserved=0 and enter code DTNVIP20 to get free access. (c) Copyright 2020 DTN, LLC. All rights reserved.