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DTN Midday Grain Comments     11/30 10:48

   Corn Futures Lower at Midday; Soybeans Higher; Wheat Mixed

   Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 
3 to 4 cents higher; wheat futures are 3 cents lower to 5 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 
3 to 4 cents higher; wheat futures are 3 cents lower to 5 cents higher. The 
U.S. stock market is mixed with the DOW off 140 points. The U.S. Dollar Index 
is 20 points higher. Interest rate products are weaker. Energies are mixed with 
crude up 1.90 and natural gas off .35. Livestock trade is firmer. Precious 
metals are firmer with gold up 5.00.

CORN:

   Corn futures are 4 to 5 cents lower with March becoming the front month as 
December goes into delivery with little fresh news as rangebound action 
continues with trade fading during the day session. Ethanol margins remain 
rangebound with corn values and driving demand expected to slow further until 
closer to Christmas travel. Weekly ethanol production was off 23,000 barrels 
per day (bpd) and stocks were 105,000 barrels higher. Fall fertilizer should be 
able to make better progress short term as temps fluctuate near term. Basis has 
remained steady as transportation issues get worked on with the West starting 
to soften more as end users build coverage. On the March chart, trade is 
solidly above the lower Bollinger Band at $6.53 with the fresh low at $6.54 1/2 
just above that and the 20-day moving average just above current action at 
$6.71.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with a fresh high for the 
move being scored early in the session before fading as trade watches for 
export demand and crush margin strength, while South American weather remains 
mixed. Meal is $8.50 to $9.50 higher, and oil is 110 to 120 points lower. Basis 
has held together well with little change in recent days. The daily export wire 
showed China buying 136,000 metric tons (mt) of soybeans today. On the January 
chart, trade is working well above the 20-day moving average at $14.44 with the 
Upper Bollinger Band above current action at $14.74, as well as the fresh high 
at $14.78, and further support the lower Bollinger Band at $14.15.

WHEAT:

   Wheat futures are 3 cents lower to 5 cents higher at midday with trade still 
struggling to find positive momentum ahead of delivery with KC action working 
to take the lead this morning as we try to confirm a reversal amid oversold 
conditions. The dollar fading from the highs should add some support if we can 
remain at the lower end of the range with the early weakness turning to mild 
strength again. The Plains look to remain mostly dry short term with cooler and 
wetter potential the second week. The weekly Crop Progress report showed good 
to excellent one percentage point better at 34%, with poor to very poor at 26% 
on 91% emergence. Southern Hemisphere harvest will be moving forward soon with 
quality issues in Australia and drought losses in Argentina. Matif wheat is 
trying to sustain momentum as well with slightly firmer action so far 
Wednesday. On the chart, KC March action has faded well below the 20-day moving 
average at $9.27 and the lower Bollinger band at $8.88 is further support with 
the fresh low at $8.84 scored yesterday just below that.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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