DTN Midday Grain Comments 11/16 10:58

DTN Midday Grain Comments 11/16 10:58 Grains Mostly Higher at Midday Corn is 3 to 4 cents higher, soybeans are 2 to 4 cents higher, and wheat is 1 cent lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow up 450. The dollar index is 15 points lower. Interest rate products are weaker. Energies are mixed with crude 1.25 higher. Livestock trade is mixed. Precious metals are mixed with gold up $5. CORN: Corn trade is 3 to 4 cents higher at midday with slightly stronger spread trade and rangebound action ongoing with little spillover from the outside markets so far. Meanwhile, the export wire remains quiet. Ethanol may lose ground to unleaded Monday, reducing the premium, while margins remain fairly stable with short-term demand the biggest issue. Basis remains generally strong with river basis becoming erratic again with barge availability in question. Weekly export inspections were up a little at 817,746 metric tons. On the December contract, support is the 20-day at $4.09, which we are just above, with the lower Bollinger band at $3.94 as the next level down with the recent high at $4.28 as resistance. SOYBEANS: Soybeans trade is 2 to 4 cents higher with slightly weaker spread action Monday morning taking the January/March to flat. The trade is watching for fresh sales -- with nothing reported Monday morning -- and South American weather. Meal is $0.50 to $1.50 higher, and oil is 10 to 20 points higher. South America has some 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. Freight issues are popping up on the river system, hurting basis there. Weekly export inspections remain strong at 2.234 million metric tons. The January chart has resistance at the fresh high at $11.62 scored last Wednesday, with support the 20-day at $10.94. WHEAT: Wheat trade is 1 cent lower to 3 cents higher with trade likely to keep shopping along with little fresh news or weather to push action. KC action is firming during the day session. The dollar remains in the lower end of the range after the rally faded last week. The near-term weather pattern should be warmer and drier for most on the Plains, likely keeping conditions flat on the weekly USDA Crop Progress report. Weekly export inspections remain soft at 325,948 metric tons. KC is at a 43-cent discount to Chicago with spreads coming off the lows, with Minneapolis at -40. KC December chart resistance is the 20-day at $5.55, which we are just below, and support is the lower Bollinger band at $5.37. 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.