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DTN Midday Grain Comments     11/25 11:09

   Soybeans Lead Grains Higher at Midday

   Trade is higher across the board at midday.

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are flat to lower with the Dow futures down 
15. The interest rate products are mixed. The dollar index is 27 lower. 
Energies are lower with crude down 1.10. Livestock trade is mostly lower. 
Precious metals are mixed with gold up $2.

   CORN

   Corn trade is 4 to 6 higher at midday with trade following soybeans higher.  
Ethanol margins should remain stable in the near term with corn and ethanol 
consolidating in their recent ranges. The warmer temperatures will likely 
lessen nearby feed demand. The USDA announced 116,000 metric tons of milo sold 
to unknown destinations. The weekly progress report showed harvest progress at 
94% vs. 92% on average. No major news is expected this week; grain trade will 
be closed on Wednesday night, Thursday and open at 8:30 on Friday and close at 
noon. On the March corn chart support is at the $3.80 100-day moving average 
with resistance at the $3.87 10-day, which we have tested this morning, then 
the $4.01 November high. 

   SOYBEANS

   Soybean trade is 14 to 18 cents higher at midday with commercial buying 
returning to the markets. Meal is $12 to $15 higher and oil is 10 to 20 points 
higher. South American crop progress and conditions are expected to be improved 
in the near term with better rains coming over much of crop growing areas. The 
weekly crop progress report was 97% vs. 98% on average. Nearby chart support 
for Monday is the 20-day moving average at 10.32 which held up today, then $10 
with resistance now the 100-day up at $10.43 which we moved solidly above at 
midday, then the January three-month high reached a few weeks ago at $10.86. 

   WHEAT

   Wheat trade is 6 to 12 cents higher across the three exchanges at midday 
with commercial buying showing up in firmer spread trade so far this morning. 
The dollar continues to hold near the upper end of the range but has set back a 
little bit at midday. Weather and the Russian/Ukraine political news will be 
watched with warmer temps in the United States limiting weather stress in the 
coming week, but temps are expected to dip in Russia. Crop conditions declined 
2% to 58% good to excellent, with 6% poor to very poor, with emergence rated at 
92% vs. 89% on average. On the March Kansas City chart support is at the 
$5.97-6.02 area where we find both the 10-day and 20-day moving averages. 
Resistance is the recent high of $6.15 , which we have edged just above at 
midday, then the 100-day at $6.29.  

   David Fiala is a DTN contributing analyst and the president of FuturesOne 
and a registered Trading Adviser. 

   David Fiala can be reached at dfiala@futuresone.com 

   Follow David Fiala on Twitter @davidfiala


(CZ)

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