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DTN Midday Grain Comments     11/27 10:48

   All Grains Higher at Midday

   Corn is 3 to 5 cents higher, soybeans are 5 to 6 cents higher and wheat is 2 
to 11 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the Dow up 20. The dollar index is 20 
points lower. Interest rate products are firmer. Energies are weaker with crude 
down $0.20. Livestock trade is mostly lower. Precious metals are mixed with 
gold down $23.


   Corn trade is 3 to 5 cents higher with light buying to close the week, along 
with 302,160 metric tons sold to Mexico adding support as the December contract 
heads toward delivery. Ethanol margins are seeing pressure from firmer corn 
values and a softer energy complex. Basis remains generally strong. Export 
sales were strong at 1.67 million metric tons. On the December contract, 
support is the 20-day at $4.13 with the lower Bollinger band at $3.94 as the 
next level down with the fresh high scored at $4.29 3/4 scored Monday and the 
upper Bollinger band at $4.31 above that.


   Soybeans trade is 5 to 6 cents higher with mixed weather and expected demand 
keeping action range bound into the weekend. Meal is mixed, and oil is 55 to 65 
points higher. The daily wire has remained quiet for soybeans, as well, with 
concerns about China crush margins and cancellations rumored but unconfirmed. 
South America has some dry pockets remaining with rains expected to work into 
the south while the north dries out short term. 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. Weekly export sales were a 
marketing-year low at 768,100 metric tons of beans, with meal at 138,100 and 
oil at 26,300 metric tons. The January chart has resistance at the fresh high 
of $12 scored Monday, with the upper Bollinger band at $12.22. Support is the 
20-day at $11.32.


   Wheat trade is 2 to 11 cents higher with a marketing-year high for export 
bookings helping trade bounce back from Wednesday's selling with spread action 
very mixed. The dollar remains at the lower end of the range. World export 
tenders continue to go to Black Sea origin, for the most part, with little 
change in overall conditions there. The western Plains remaining dry short term 
as we head toward dormancy after some midweek snows. KC is at a 36-cent 
discount to Chicago with spreads collapsing into delivery after testing the 
upper end of the range. Minneapolis is at -43. Weekly export sales were strong 
at a marketing-year high of 795,700 metric tons. KC December chart resistance 
is the 20-day at $5.52, which we are just above 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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