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DTN Midday Grain Comments     11/24 11:01

   Corn, Soybeans Lower at Midday

   Corn is 2 to 3 cents lower, soybeans are 5 to 6 cents lower and wheat is 1 
to 6 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the Dow up 425 points. The dollar index 
is 25 points lower. Interest rate products are weaker. Energies are firmer with 
crude up $2.00. Livestock trade is mixed. Precious metals are mixed with gold 
off $35.00.


   Corn trade is 2 to 3 cents lower at midday with flat spread action and broad 
selling early. The daily wire was quiet on the export front Tuesday. Ethanol 
remains within the recent range with a focus continuing on short-term demand 
and a boost from strength in the energy complex. Basis remains generally 
strong. On the December contract, support is the 20-day at $4.12 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 with the upper Bollinger band at $4.31 above that.


   Soybeans trade is 5 to 6 cents lower at midday with little change to weather 
patterns and some talk of cancelations by Chinese crushers due to a poor margin 
environment with trade well off the lows at midday. Meal is flat to $1.00 
higher, and oil was 0.40 to 0.50 cent lower. The daily wire has remained quiet 
for soybeans as well. South America has some dry pockets building with northern 
Brazil looking to see more moisture short term, with southern Brazil one-third 
very dry the next week and wetter action expected in Argentina after recent 
dryness. 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 at the fresh high at 
$12.00 scored Monday, with the upper Bollinger band at $12.22, with support the 
20-day at $11.25.


   Wheat trade is 1 to 6 cents higher with range-bound action continuing with 
some rain on the Plains. The dollar has turned lower again adding support. 
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 see some 
potential improvement with the last progress report showing good to excellent 
off 3% to 43%, and 21% poor to very poor, up 3%. KC is at 47-cent discount to 
Chicago with spreads remaining rangebound, with Minneapolis at -53 cents. KC 
December chart resistance is the 20-day at $5.52, which we are just above 
overnight, 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 dfiala@futuresone.com
Follow him on Twitter @davidfiala


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