DTN Midday Grain Comments 12/28 11:28

DTN Midday Grain Comments 12/28 11:28 Soybeans Lowest at Midday Row crops lead trade lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow down 100 points. The interest rate products are mostly lower. The dollar index is 12 points lower. Energies are mixed with crude $1.20 lower. Livestock trade is mixed. Precious metals are lower with gold down $6. CORN Corn trade is 3 to 4 cents lower at midday with selling picking up mid-morning due to sell stops at new lows, spillover weakness from the beans and outside market pressure. The ongoing winter storm will likely disrupt corn movement this week, and keep basis steady to firmer in most areas. Ethanol margins are under pressure with crude sliding again and back near the lows, while ethanol futures are off a penny. The weekly export inspections remained fairly soft at 570,923 metric tons. On the March chart we have the 20-day at $3.72 as key resistance with the $3.56 area of the December contract low next level of support below the fresh $3.60 1/2 contract low printed this morning. SOYBEANS Soybean trade is 8 to 10 cents lower at midday with selling pressure returning ahead of expected rains late week in the dry areas of Brazil. Meal is $1 to $2 lower and oil is 55 to 65 points lower. The drier areas of Brazil are expected to remain dry until late week, with the excessively wet areas drying out in that time frame. Improved rains are expected from there. Trade will continue to follow updated forecasts closely as we move through the more thinly traded holiday sessions this week. The weekly export inspections were good at 1.402 million metric tons. January soybean chart support is at the recent lows at $8.55, with the 20-day at 8.81 resistance. WHEAT Wheat trade is flat to 4 cents lower in low volume trade this morning with trade following the row crops. The ongoing winter storm is bringing snow cover and moisture to much of the U.S. winter wheat areas, while Russia remains warmer and without snow cover but no major near term threats. The lightly weaker dollar should add some support this morning. The weekly export inspections were soft at 305,472 metric tons. On the March KC chart support is at the $4.63 3/4 contract low printed at the beginning of the month, with nearby resistance the lowest major moving average at $4.77 the 20-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.