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DTN Midday Grain Comments     11/26 11:24

   Grains Mixed at Midday

   Corn and wheat are higher at midday, soybeans are lower.

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are mixed with the Dow futures down 15. The 
interest rate products are lower. The dollar index is 27 lower. Energies are 
mostly higher with crude down 0.10. Livestock trade is mostly higher. Precious 
metals are mixed with gold flat.


   Corn trade is 2 to 3 cents higher at midday with light follow-through buying 
in light holiday trade. The weekly ethanol production report showed a 
12,000-barrel-a-day increase in production and 1.5% lower stocks ahead of the 
holiday. The warmer temperatures will likely lessen nearby feed demand but 
livestock prices are still encouraging heavier carcass weights. 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 trade has 
eased above the 10-day and 20-day moving averages at $3.86-87 at midday with 
the $4.01 November high the next area up. 


   Soybean trade is 5 to 10 lower at midday. Meal is $1 to $2 lower and oil is 
flat to 10 points higher. South American crop progress and conditions should 
continue to improve in the near term with a better weather pattern. Crush 
margins remain strong domestically, and basis has firmed this week indicating 
demand remains strong. USDA announced 120,000 metric tons of soybeans sold to 
China. Nearby chart support is the 100-day moving average at $10.42 which we 
are testing at midday, with the 10-day and 20-day moving averages below that at 
$10.33. Resistance will be the recent high at $10.86.


   Wheat trade is 2 to 6 higher at midday across the three exchanges with 
commercial buying support continuing, and fresh chart buying from taking out 
the highs of the previous move yesterday. The dollar continues to hold near the 
upper end of the range but hasn't seriously threatened to move higher this week 
with a little bit of a weaker trend developing. Weather and the Russian/Ukraine 
political news will be watched with warmer temps in the United States limiting 
weather stress but Russia moving into a colder stretch. On the March Kansas 
City chart, support is the $6.15 area that was the old high taken out 
yesterday, with the 10-day at $6.06 below that. Resistance is the 100-day at 

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

   David Fiala can be reached at 

   Follow David Fiala on Twitter @davidfiala


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