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DTN Midday Grain Comments     11/15 11:11

   Corn, Wheat Lower at Midday

   Soybeans are leading at midday, with corn and wheat testing lows. 

By David Fiala
DTN Contributing Analyst

 General Comments

   

   

   The U.S. stock market is firmer with the Dow up 155. The dollar index is 11 
lower. Interest rate products are firmer. Energies are firmer with crude $0.70 
higher. Livestock trade is weaker except for feeder cattle. Precious metals are 
mixed with gold down $6.30.

   CORN

   Corn trade is 3 to 4 cents lower at midday with trade fading back to test 
the lows with little fresh news to encourage buyers. Ethanol margins remain 
stable to firmer with cheaper corn, and firmer ethanol and unleaded. Basis has 
held up well with the slow pace of harvest so far with propane shortages still 
noted, but warmer weather should help. South America should see areas of 
improvement as planting progresses, especially in Brazil. Weekly export sales 
remain soft at 581,600 metric tons. On the December contract support is the 
$3.71 lows from October, with resistance the 20-day at $3.82 1/2. 

   SOYBEANS

   Soybeans are 1 to 3 cents higher with trade finding light buying at midday 
with trade still looking for a spark for buying with nickel higher trade in the 
day session evaporating. Meal is $2.50 to $3.50 higher and oil 25 to 35 points 
lower. The real remains at the lows, but export sales are holding up OK at 1.25 
million metric tons of beans, 345,300 metric tons of meal, and oil 30,600 
metric tons. Bean basis has moved to a more sideways trend short-term with 
pockets of firmness showing up at crushers. South America should make more 
progress through the week with improved weather, and Brazil heading towards the 
planting homestretch. On the January chart, support is the lower Bollinger Band 
at $9.11, which we are just above with resistance well above the market at 
$9.33.

   WHEAT

   Wheat trade is 3 to 4 cents lower with trade back to the lower end of the 
range with spillover from corn, along with lackluster export sales. The 
Chicago/Kansas City December spread is 84 cents with light gains for KC so far. 
The corn/HRW spread has widened back to 50 cents, getting wheat back towards 
ratios. Russian values remain elevated with Australia dry, but the U.S. is 
still struggling to capture a larger share, with the dollar remaining at the 
upper end of the range. Weekly export sales were disappointing at 238,600 
metric tons. The December Kansas City chart support is the lower Bollinger Band 
at $4.14, with resistance the 20-day at 4.23.

   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


(CZ)

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