DTN Midday Grain Comments 12/14 11:25

DTN Midday Grain Comments 12/14 11:25 Corn, Wheat Higher at Midday, Soy Mixed Trade is mostly higher at midday led by wheat. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow down 90 points. The interest rate products are higher. The dollar index is 26 points lower. Energies are lower with crude down $0.05. Livestock trade is mostly lower. Precious metals are lower with gold down $6. CORN Corn trade is 3 cents higher with flat momentum at midday. Crude went down near $34.50 but now is back above $36 which appears to have given corn support. Basis should remain steady with poor weather conditions slowing movement to start the week. The December contract has went to an inverse relative to the March contract just ahead of contract expiration. Ethanol margins continue to be pressed by continued weakness in the energy complex. The weekly export inspections showed some improvement at 566,835 metric tons. On the March chart futures are back above the 10-day with first support at the 20-day at $3.72, and second at the $3.64 contract low. Resistance is at the $3.82 4-week high and 50-day moving average. SOYBEANS Soybean trade is narrowly mixed at midday with trade trying to follow the lead of corn and wheat. Meal is $1 to $12 higher and oil is 25 to 35 points lower. Much of the northern Brazilian growing areas remain short on rain in the near term with improved rains expected 6 to 15 days out, while the wet areas remain in the southern growing areas. The weekly export inspections were on the lower end of the recent range at 1.343 million metric tons. On the January chart support is at $8.68 which was the low this morning then the contract low down around $8.44. Resistance is at the 20-day at $8.74 then the 50-day at $8.82. WHEAT Wheat trade is 5 to 9 cents higher across the three contracts at midday. The weaker dollar has helped to promote a bit of additional short covering this morning. The Black Sea is having warmer weather this week but not enough to bring the crop out of dormancy, while the U.S. wheat growing areas generally catch moisture. Overall former Soviet Union conditions are lagging last year though. U.S. Demand concerns will continue to persist with ample supplies around the world with further southern hemisphere harvest starting soon. On the March Kansas City chart support is around the 10- and 20-day moving averages in the $4.75-77 area. Resistance is at the $4.92 50-day moving average. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.