DTN Midday Grain Comments 01/30 11:25

DTN Midday Grain Comments 01/30 11:25 All Grains Higher at Midday Kansas City wheat leads the firmer trade of the complex at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower at midday with the Dow futures down 295 points. The interest rate products are lower. The dollar index is 5 lower. Energies are mixed with crude down 1.20. Livestock trade is mixed. Precious metals are mixed with gold 2.00 lower. CORN Corn trade is 2 cents higher at midday with the higher trend extended despite some weaker outside market trade. Ethanol production margins are tighter with firmer corn and weaker ethanol futures due to weaker energy prices. Basis is expected to remain mostly steady with some locations slipping with increased cash movement on the strength. Spain bought 132,000 metric tons of corn this morning. On the March chart support is now the 100-day at $3.57 with the 10,20, and 50-day below at $3.52, with the 200-day moving average at $3.76 the highest moving average, and the $3.62 area as first psychological resistance, which is the high printed earlier this morning. SOYBEANS Soybean trade is 3 to 7 cents higher at midday with trade still struggling with resistance just below $10.00. Meal is $2.00 to $3.00 higher and oil is 5 to 15 points lower. South American weather looks to continue the recent pattern with excessive rain near the early harvesting areas in Brazil, and dryness for the bulk of Argentina. The Brazilian real remains at the upper end of the range, helping U.S. export values. On the March, support is the 100-day at $9.87 which is the highest major moving average with the 50-day at $9.83 below that, with the $10.00-$10.02 area resistance. WHEAT Wheat trade is 3 to 14 cents higher at midday with Kansas City wheat leading amid declining conditions on the Plains. The Plains look as if they'll stay mostly dry in the near term, with conditions for this time of year correlating with 2006, and 2013, both years that saw yields well below trend. The dollar is just above 89 on the index, with the slide stopping for now, while the overall trend remains lower. Jordan canceled their nearby tenders amid rising values today. On the March Kansas City contract, chart support is the 100-day at $4.41, with the 200-day the next level of resistance at $4.73. 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.