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DTN Midday Grain Comments     11/22 11:32

   Grains Higher at Midday

   Beans are firm ahead of the holiday; pulling wheat and corn higher at midday.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market is lower at midday with the Dow down 50 points.  The 
interest rate products are higher. The dollar index is 50 points lower. 
Energies are firmer with crude 1.00 higher. Livestock trade is higher. Precious 
metals are higher with gold up $8.90.


   Corn trade is flat to 1 cent higher at midday with December trade hanging 
around the $3.45 level heading towards the holiday break. The weekly ethanol 
report showed production 1.9% higher, stocks 1.86% higher, and gasoline demand 
4.61% higher. Both ethanol and corn futures are showing no real reaction with 
the trade around unchanged. Corn basis and carry has shown further improvement 
with carry getting close to 11 cents this week on the Dec to March spread; 
seasonally we see this improvement giving incentives to pull grain out of 
storage. Reminder we have regular trading hours today, and then only open at 
8:30 Friday and close at 12:05 for the Holiday. On the December chart support 
is the 10-day at $3.42, with the low at $3.36 1/4 below that. Resistance is at 
the $3.48 3/4 50-day moving then the $3.58 6-week high. 


   Soybean trade is 7 to 9 cents higher at midday with January nearby trade 
working towards the $10 level again. Meal is $6 to $7 higher and oil is 10 to 
20 points lower. South American weather looks like more of the same in the near 
term, with the Argentina forecast showing quite a bit of daily flux, with 
overall issues remaining limited for now but focus will ramp up as we head to 
December. Export business has been quiet for the bulk of November on the daily 
wire, but the firmer overnight trade likely indicated some business may be 
getting done. Basis has continued to firm at processors. On the January chart 
futures moved back above all the major moving averages, with the 20-day at 
$9.86 the first level of support which we are just above, and the recent high 
at $10.08 the next level of resistance.


   Wheat trade is 1 to 5 cents higher across the three contracts at midday with 
trade moving back to resistance points heading towards the break. The plains 
look pretty warm and dry the next 7-12 days, which will attract more attention 
heading to dormancy. Spillover support from row crops will be needed to help 
with short covering with more support showing up today. Basis has firmed a bit 
on the plains in recent days but overall remains wide. On the December Kansas 
City support is the $4.13 1/2 low, with the 10-day and 20-day at $4.23, as 
resistance which we are challenging at midday. 

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered Advisor.
He can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


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