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DTN Midday Grain Comments     11/20 10:48

   All Grains Higher at Midday

   Corn is 1 to 2 cents higher, soybeans are 1 to 4 cents higher and wheat is 1 
to 4 cents higher at midday.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is weaker with the Dow down 95. The dollar index is 6 
points higher. Interest rate products are firmer. Energies are flat with crude 
unchanged. Livestock trade is mixed. Precious metals are firmer with gold up 


   Corn trade is 1 to 2 cents higher at midday. December is back to testing the 
highs overnight with weaker spread trade and spillover support from soybeans 
before fading a bit during the day session. The export wire remained active 
with 131,000 metric tons (mt) sold to unknown and 158,270 mt sold to Mexico. 
Ethanol has lost some ground to unleaded, reducing the premium. Meanwhile, 
margins remain fairly stable with short-term demand the biggest issue going 
into a holiday week, along with further lockdowns. Basis remains generally 
strong. On the December contract, support is the 20-day at $4.11 with the lower 
Bollinger band at $3.94 as the next level down with the fresh high scored at 
$4.28 1/2 scored Wednesday with the upper Bollinger band at $4.30 above that.


   Soybeans trade is 1 to 4 cents higher at midday. Trade scored new highs 
overnight as spreads soften a bit with trade still looking for confirmation of 
rumored export sales and two-sided trade at times Friday morning. Meal is flat 
to $1 lower, and oil is 25 to 35 points lower. South America has some dry 
pockets building with northern Brazil looking to see more moisture short term, 
with the southern one-third forecast to be very dry the next week, and mixed 
action in Argentina. Basis remains strong as we continue to work to max out our 
logistics capacity to ship the needed export bushels with freight issues 
remaining in play. The January chart has resistance at the fresh high of 11.96 
3/4 scored Friday morning, with the upper Bollinger band at $12.09. Support is 
the 20-day at $11.15.


   Wheat trade is 1 to 4 cents firmer at midday. Chicago action is leading 
again with rangebound action continuing with little near-term change to weather 
patterns. The dollar rally has faded again, along with spillover from row 
crops. World export tenders continue to go to Black Sea origin, for the most 
part, with little change in overall conditions there. The western Plains look 
to remain on the dry side short term. KC is at 43-cent discount to Chicago with 
spreads remaining rangebound. Minneapolis is at -48. KC December chart 
resistance is the 20-day at $5.52, which we are testing at midday, and support 
is the lower Bollinger band at $5.40.

   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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