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DTN Midday Grain Comments     11/21 11:15

   All 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 higher with the DOW futures up 120. The 
interest rate products are lower. The dollar index is 55 higher. Energies are 
mixed with crude up 0.50. Livestock trade is mostly higher. Precious metals are 
higher with gold up $13.


   Corn trade is 2 to 4 cents higher at midday with firmer trade developing 
during the day session pushing corn to 8 higher briefly. Basis has firmed with 
harvest wrapping up and slower farmer selling with the futures rally slowing. 
Ethanol margins are remaining fairly stable in the near term, which should 
sustain production. On the December chart the 100-day at $3.69 and the 20-day 
at $3.72 were support until trade fell below them early in the week, but we 
have moved back above them at midday. The next downside major moving average is 
the 50-day at $3.51 which we would label major support now and we would label 
the Nov. 5 $3.59 low as nearby support. The USDA announced 132,000 metric tons 
of corn sold to an unknown destination.


   Soybean trade is 1 to 5 cents higher at midday with trade rebounding from 
early weakness, but it has faded back from the early day-session highs. Meal is 
flat to $1 lower and oil is 25 to 35 points higher. Nearby demand remains very 
strong, which is adding support, but the large supply side and better weather 
in South America will limit upside for now. January beans came within a few 
cents of $10 earlier in the week and could challenge support again if the 
bounce fizzles today. The 20-day at $10.30 is now nearby resistance now, and we 
have traded both sides of that this morning. The $10 is support on Jan beans 
with the 50-day at $9.84 the next level. 


   Wheat trade is 1 to 4 cents higher across the three exchanges at midday with 
the bounce in gold values mitigating the stronger dollar to an extent. The 
Russian/Ukraine political situation will continue to be watched as well as 
weather with more concerns about the South American crop appearing. North 
American weather looks to remain cool and mostly dry. The 50-day and lowest 
major moving average is at $5.84 on the December Kansas City contract is 
support while resistance is the recent high at $6.12. 

   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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