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DTN Midday Grain Comments     01/16 11:25

   Grains Mixed at Midday

   Soybeans are the midday leader with flat corn trade, and weaker wheat action.

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 35 
lower. Energies are lower with crude down 0.35. Livestock trade is higher. 
Precious metals are mixed with gold 0.40 lower. 

   CORN

   Corn trade is narrowly mixed at midday with trade struggling to hold early 
gains with action remaining at the lower end of the range. Ethanol margins 
should remain stable, with warmer weather coming to boost production, while the 
feed demand should moderate with the warm up. Ethanol futures have edged 
slightly lower with the energy complex this morning. Basis has been flat to a 
little better with carry steady to slightly stronger to start the week. The 
weekly export inspections remained soft at 543,689 metric tons. 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 $3.53. 

   SOYBEANS

   Soybean trade is 4 to 6 cents higher at midday with trade building on the 
strong finish from Friday with a somewhat drier forecast for Brazil and mixed 
weather for Argentina. Trade is about 4 cents off the high off the session at 
midday. Meal is $3 to $4 higher, and 15 to 25 points lower. South American 
weather is drier in Northern Brazil and wetter in southern Brazil, along with 
mixed in Argentina. Basis and carry remains mostly sideways. The world export 
inspections were up slightly at 1.23 million metric tons. On the March, support 
is the 10-day and 20-day $9.64 that we moved back, and resistance the 50-day at 
$9.86. 

   WHEAT

   Wheat trade is flat to 6 cents lower at midday with Chicago the downside 
leader at midday with spring wheat near unchanged. The current shot of cold 
area should fade out, with warmer weather on tap, and potentially some better 
moisture in the extended forecast. The dollar fallen down to 90 on the index 
with the general trend remaining down as the old support levels failed to hold 
at the end of last week. 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 dfiala@futuresone.com 
Follow him on Twitter @davidfiala


(BAS)

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