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DTN Midday Grain Comments     11/30 10:51

   Grain Futures Down Double Digits Midday Tuesday

   Corn trade is 16 to 18 cents lower, beans are 16 to 18 cents lower and wheat 
is 15 to 30 cents lower.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is weaker with the Dow down 530 points. The U.S. 
Dollar Index is flat. Interest rate products are mostly higher. Energies are 
weaker with crude off $2.80. Livestock trade is weaker. Precious metals are 
weaker with gold down $7.00.


   Corn trade is 16 to 18 cents lower at midday Tuesday with trade fading back 
into support levels and broad commodity weakness so far Tuesday on renewed 
COVID-19 concerns. Ethanol margins have narrowed with the energy move but 
demand will remain strong through Christmas. Basis should remain steady to 
firmer short term with fall field work likely to make good progress where 
supplies are available. On the March contract, we have resistance at the recent 
high of $5.96 3/4, with the upper Bollinger Band at $5.94, and the 20-day 
moving average as support at $5.77, which we have faded through at midday, then 
the lower Bollinger Band at $5.51.


   Soybean trade is 16 to 18 cents lower at midday with trade fading through 
support levels and broad product weakness so far. Meal is flat to $1.00 lower 
and oil is 2.70 cents to 2.90 cents lower. South America looks to continue 
short-term progress with issues remaining limited for now while the extended 
forecast remaining mixed for crop development short term. Crush margins remain 
solid but further product weakness will limit enthusiasm. USDA announced 
132,000 metric tons sold to unknown. On the January soybean chart, we fell 
below the 20-day at $12.44 Monday, with further support the lower Bollinger 
Band at $11.95.


   Wheat trade is 15 to 30 cents lower at midday as March becomes front month 
with trade backing further off the highs amid broad weakness. The Minneapolis 
contract is holding up best so far with Australian harvest to expand soon. The 
dollar is just below 96 points, fading further off the highs before bouncing 
back at midday. Weather in the Plains looks little changed short term with 
longer-term dry concerns for the Southern Plains heading toward dormancy with 
92% emerged versus 91% on average with 44% good to excellent and 23% poor to 
very poor. Spring wheat is firmer versus Chicago moving the premium to 2.35 
cents on the March, with KC at a 33-cent premium in weaker action so far. KC 
March chart support is at the 20-day at $8.29, which we are testing at midday 
with resistance at the upper Bollinger Band at $8.90 with the fresh high at 

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala

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