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DTN Midday Grain Comments     11/22 11:04

   Grains Mixed at Midday

   Wheat leads mixed midday trade. 

By David Fiala
DTN Contributing Analyst

 General Comments



   The U.S. stock market is mixed with the Dow up 60. The dollar index is 25 
higher. Interest rate products are mixed. Energies are mixed with crude $0.90 
lower. Livestock trade is mostly lower. Precious metals are mixed with gold up 


   Corn trade is 1 to 2 cents higher at midday with light buying during the day 
session. Ethanol margins remain stable with corn and ethanol futures slightly 
firmer. Basis has held up well with the slow pace of harvest so far with more 
open weather short term. South America should see areas of improvement as 
planting progresses, especially in Brazil with no major issues on the horizon 
for now. On the December contract, support is the $3.65 3/4 lows from Wednesday 
along with the lower Bollinger Band at $3.62, with resistance the 20-day at 
$3.77, along with heavily oversold conditions. 


   Soybeans are 1 to 2 cents lower with trade dipping below $9.00 with the 
usual overnight short covering evaporating quicker than usual for the week and 
weaker trade continuing through the day session. Meal is $1.00 to $2.00 lower, 
and oil is 25 to 35 points higher. The ral has turned more sideways after the 
recent break. Bean basis has moved to a more sideways trend short term with 
pockets of firmness showing up at crushers. On the January chart support is the 
lower Bollinger Band at $8.98, which we are just above with resistance well 
above the market at $9.22 where the 20-day moving average, along with oversold 


   Wheat trade is flat to 8 cents higher at with trade trying to return to 
positive action after the early-week gains faded on Thursday with Chicago 
taking the lead this a.m. The Chicago/Kansas City December spread is 90 cents 
with choppy action this week, Chicago also holding a 21 cent premium to 
Minneapolis. The weaker dollar could help more if sustained vs. world values 
this week with mixed action today. Export business remains focused on the Black 
Sea with feed competitiveness fading. The extended forecast hints at some 
relief for the drier western areas with late-planted wheat struggling to 
emerged. The December Kansas City chart support is the lower Bollinger Band at 
$4.13, with resistance the 20-day at 4.23 which we are just above at midday and 
then the recent highs at $4.38.

   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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