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DTN Midday Grain Comments     11/27 10:36

   Corn, Soybeans Higher at Midday

   Trade is higher at midday, led by soybeans.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock markets are mixed with the Dow down 40 points. The interest 
rate products are mixed. The dollar index is 20 points higher. Energies are 
higher with crude up $0.60. Livestock trade is mostly lower. Precious metals 
are higher with gold up $6.


   Corn trade is 2 to 4 cents higher with trade firming up during the day 
session with light chart buying showing up. Basis is expected to stay steady to 
start the week, with poor weather potentially slowing movement in the near 
term. Ethanol margins are slightly improved this morning with gains in the 
energy complex offsetting the firmer corn trade. The weekly export inspections 
were disappointing at 298,692 metric tons. On the March chart, first support 
was the recent low at $3.65, with the 20-day at $3.73 chart resistance. Expect 
buy stops above here, the 50-day at $3.86 is the next chart level above the 


   Soybean trade is 4 to 6 cents higher at midday, with trade moving nearly a 
dime higher with good commercial buying evident. Meal is $1 to $2 higher, and 
oil is 30 to 40 points higher. South American weather looks better for Brazil 
than Argentina in the near term with no major issues so far. Soybeans basis has 
been fairly quiet in recent days, with no major moves. The weekly export 
inspections were strong at 1.835 million metric tons. On the January chart, 
support is now the 20-day moving average at $8.66 with resistance at $8.81, the 
50-day then $9.21-$9.24 which is the area of the 100-day and 3-month high. If 
trade can stay above the nearby support, some additional chart buying may come 


   Wheat trade is mixed at midday with spread unwinding favoring the Kansas 
City and Minneapolis trade as they move towards 5 to 8 cents higher, while the 
strong dollar limits buying. Commercial selling has picked up a bit in the 
Chicago trade as the spreads unwind. World weather conditions should be stable 
this week, with some improvement for China expected. Condition reports from the 
Ukraine are significantly lower than last year. Weekly export inspections were 
soft at 275,736 metric tons. The recent winter storms will slow down this week 
in the U.S. On the March Kansas City chart support is at the new contract low 
printed Monday and today at $4.65 with resistance at the $4.73 10-day moving 
average which we are challenging at midday.

   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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