DTN Midday Grain Comments 11/13 12:50

DTN Midday Grain Comments 11/13 12:50 All Grains Higher at Midday Corn is flat to 2 cents higher, soybeans are 5 to 7 cents higher, and wheat is 2 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow up 230. The U.S. Dollar Index is 15 points lower. Interest rate products are mixed. Energies are mixed with crude .75 lower. Livestock trade is lower. Precious metals are firmer with gold up $19.00. CORN: Corn futures are flat to 2 cents higher in quiet midday trade as we continue to chop around the middle of the range after being unable to sustain post-report gains. Ethanol is under pressure with demand concerns weighing on the energy markets with weekly export sales lighter than recent weeks at 978,300 metric tons (mt). 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 right at midday with the lower Bollinger band at $3.94 as the next level down with the recent high at 4.28 as resistance. SOYBEANS: Soybean futures are 5 to 7 cents higher with trade working to consolidate around $11.50 heading towards the weekend with the export wire quiet again. Meal is flat to $1.00 higher and oil is 10 to 20 points higher. 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. Weekly sales were lighter for beans at 1.47 million metric tons (mmt) than recent weeks, but meal was decent at 145,300 and oil outstanding at 88,000 mt. The January chart has resistance at the fresh high at the fresh high at 11.62 scored Wednesday, with support the 20-day at $10.89. WHEAT: Wheat futures are 3 to 5 cents higher with trade finding light buying during day session after overnight weakness. The dollar remains in the lower end of the range with the midweek rally fading. The near-term weather pattern should be warmer and drier for most. KC is at 45-cent discount to Chicago with spreads coming off the lows, with Minneapolis at -38. Weekly export sales were soft at 300,500 mt. KC December chart resistance is the 20-day at $5.55 which we closed just below midweek, and support is the lower Bollinger band at $5.37 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.