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DTN Midday Grain Comments     11/15 11:22

   Grains Higher at Midday

   Soybeans lead at midday with corn and wheat firmer. 

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are mixed with the Dow futures down 120. The 
interest rate products are weaker. The dollar index is 38 higher. Energies are 
mixed with crude up $0.80. Livestock trade is firmer. Precious metals are 
firmer with gold 3.50 higher. 


   Corn trade is 2 to 3 cents higher at midday with light buying with action 
following the lead of the soybeans. The weekly ethanol report had production 
1,000 barrels per day lower with production runs remaining stubbornly higher, 
with stocks growing 364,000 barrels. The weekly export sales report delayed 
until Friday. Basis will likely remain fairly sideways in the near term. On the 
December chart, support is at the 50-day at $3.65, with the 10-, 20-, and 
100-day just above the market at $3.67-70, which we are testing at midday. 


   Soybean trade is 7 to 9 cents higher at midday with trade fading a bit over 
the course of the morning. Meal is flat to $1 higher and oil is 5 to 15 points 
higher. Export business has shown life this week, but nothing hit the daily 
wire after the strong overnight action. Basis should remain mostly steady as 
harvest pressure wraps up. South American continues to make good progress early 
in the crop year. Support is found at the $8.75 area where we find the 100-day 
moving average. Resistance is up at $9 then the $9.06 three-month high.   


   Wheat trade is flat to 5 cents higher with short covering again overnight, 
and more mixed action during the day session. Chicago is gaining vs. the KC 
again today with the spread hitting new levels of width. Kansas City wheat 
remains near oversold on the oscillators, which should help provide support at 
these levels. The dollar remains near the high end of the range with trade 
rebounding after the Fed comments yesterday and Brexit issues. On the December 
Kansas City chart we have support at the lower Bollinger Band at $4.81, and 
resistance the 10-day at $4.97.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser
He can be reached at 
Follow him on Twitter @davidfiala


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