DTN Midday Grain Comments 01/17 11:33

DTN Midday Grain Comments 01/17 11:33 Wheat, Corn Higher at Midday Corn is the midday leader, followed by wheat, with soybeans marginally lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher at midday with the Dow futures up 150 points. The interest rate products are higher. The dollar index is 25 higher. Energies are higher with crude up 0.22. Livestock trade is mixed with cattle leading. Precious metals are lower with gold 4.50 lower. CORN Corn trade is 3 to 4 cents higher at midday with trade testing upside resistance at midday. Ethanol futures are higher helping the corn strength, or some argue vice versa. Basis has been flat to a little better with carry steady to slightly stronger to start the week with warmer weather likely boosting movement towards the weekend. Warmer weather should help to throttle back livestock feeding coming forward. Some short profit taking appears to have our midday momentum flat to higher. On the March chart support is the $3.45 contract low. Resistance is at the 20-day moving average at 3.50 then the 50-day at $3.52 which we are testing at midday. SOYBEANS Soybean trade is 2 to 3 cents lower at midday with trade testing nearby support in quiet action. Meal is flat to $1 lower, and 20 to 30 points lower. South American weather is drier in Northern Brazil and wetter in southern Brazil, along with mixed in Argentina with the main reproductive season coming up for soybeans. Basis and carry remains mostly sideways. December NOPA crush was a record at 166 million bushels. The export wire had 132,000 metric tons of soybeans sold to unknown for 2018-19. On the March, support is the 10-day and 20-day $9.64 that we have tested this morning and resistance the 50-day at $9.86. WHEAT Wheat trade is 1 to 3 cents higher at midday with trade trying to forge a post report low. Warmer weather should be the rule in the near term, but moisture will likely remain short in the near-term for much of the plains. The dollar fallen down to 90 but has started to bounce off the low today. Russia secured more Egypt business yesterday with 295,000 metric tons sold. On the March Kansas City contract, chart support is the lows at $4.10, with the day low of $4.21 becoming nearby support with the 20-day at $4.29 as the first level of 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 2018 DTN/The Progressive Farmer. All rights reserved.