DTN Midday Grain Comments 12/14 11:51

DTN Midday Grain Comments 12/14 11:51 Soybeans Lower; Wheat, Corn Slightly Higher at Midday Soybeans are down a dime at midday, while wheat and corn are lightly firmer. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher at midday with the Dow futures up 30 points. The interest rate products are lower. The dollar index is 30 points higher. Energies are mixed with crude up 10 cents. Livestock trade is mostly higher. Precious metals are firmer with gold up $8. CORN: Corn trade is fractionally higher in quiet trade at midday as we continue to work around the lower end of the range. Ethanol futures have also remained at the low end of the range with slightly lower midday trade. The blenders are seeing the biggest advantage at this juncture. Basis and carry have been sideways so far this week with some firmness at end users. The weekly export sales were OK at 866,900 metric tons. On the March chart, support is the contract low at $3.47 1/2 printed Tuesday with resistance at the $3.53 20-day moving average, then the 50-day moving average at 3.58. SOYBEANS: Soybean trade is 8 to 12 cents lower this morning with trade testing the lower end of the recent range as we draw closer to the rains forecast in South America. Meal is 3.00 to 4.00 lower, and oil is 15 to 25 points lower. South American weather looks better with rains expected in the next seven days for some of the driest areas with trade watching closely for follow-up rains after that as planting wraps up. Basis and carry has been sideways for soybeans this week. Weekly export sales were mixed with 1.45 million metric tons of beans, 455,400 of meal, and 14,500 of oil. On the January chart support is the recent low at $9.68 below that. Resistance is at the $9.76 200-day. WHEAT: Wheat trade is flat to 3 cents higher at midday with light short-covering continuing with trade looking to test the first upside resistance if buying can be sustained. The Plains continue to be dry in the short term with some better moisture expected in the extended forecast. The Australian harvest will be nearing effective completion soon. Russian remains the dominant origin in the world export markets, with some production estimates still rising for them. Russia is also looking at buying from farmers to support domestic prices. Weekly export sales showed improvement at 588,800 metric tons. On the March KC contract, chart support is the $4.10 1/2 fresh contract low scored on Monday, with the 10-day at $4.22 first chart resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.