DTN Midday Grain Comments 12/30 10:56

DTN Midday Grain Comments 12/30 10:56 All Grains Higher at Midday Corn is 1 to 3 cents higher, soybeans are 1 to 3 cents higher, and wheat is 13 to 20 cents higher. By DTN Staff The U.S. stock market is firmer with the Dow up 160. The dollar index is 26 points lower. Interest rate products are mixed. Energies are mixed with crude up $0.05. Livestock trade is weaker. Precious metals are firmer with gold up $6.50. CORN Corn trade is 1 to 2 cents higher at midday after scoring fresh highs again with steady to slightly better spread action with the March/May staying flat to slightly inverted with trade looking to confirm greater short-term demand and looking to extend the longest winning streak on the front month since March of 2008. The weekly ethanol report showed production down 41,000 barrels per day, and stocks up just 3,000 barrels on Christmas travel demand. Basis is expected to remain sideways to soft with slower movement short term with the holidays. The daily wire was quiet for exports today but further business will be expected given the spread action. Argentina's corn areas are expected to remain dry in the near term. On the March contract, support is the 20-day at $4.35, with the next level up the upper Bollinger Band at $4.65, which we are above at midday, then contract high at $4.70 1/4 scored yesterday. SOYBEANS Soybeans are 1 to 3 cents higher at midday with volatile trade continuing as Argentina looks to have their strike resolved, with Argentina remaining dry short term, Brazil mostly seeing rains, and trade looking to confirm more near-term demand with the spread strength as we score fresh highs again. Meal is $1.50 to $2.50 higher and oil is narrowly mixed. Basis remains strong as we continue ship and crush with product values remaining strong. The January chart has resistance at the fresh high at $13.04 3/4 then the upper Bollinger Band at $13.02, with support the 20-day at 12.04 with the contract going into delivery tomorrow. WHEAT Wheat trade is 12 to 20 cents higher with early mixed action turning to broad buying as today wheat got its chance to score new highs for the move with fund buying and the Chicago front-month contracts inverting. The dollar remains below 90 on the index this a.m., and is back near the contract lows. The eastern Plains are seeing some moisture as the winter storm moves through with useful snow cover in some areas. Kansas City is at 38-cent discount to Chicago on the March with active trade continuing, with Minneapolis at -46. Kansas City March chart support is the 20-day at $5.66, and resistance is the upper Bollinger Band at $5.97 which we are above at midday. (c) Copyright 2020 DTN, LLC. All rights reserved.