DTN Midday Grain Comments 12/30 11:58

DTN Midday Grain Comments 12/30 11:58 Grain Trade Mixed at Midday Corn and wheat are lower at midday, soybeans around unchanged. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow down 30 points. The interest rate products are mostly higher. The dollar index is 20 points higher. Energies are lower with crude $1.10 lower. Livestock trade is mostly higher. Precious metals are lower with gold down $7. CORN Corn trade is 2 to 4 cents lower with selling returning after light overnight strength. Market shorts should have some interest in taking profits ahead of the year and quarter end on Thursday, which should keep buying interest around on weakness, but we have not seen that yet today. The ongoing winter storm will likely disrupt corn movement this week, and keep basis steady to firmer in most areas along with the lower board limiting farmer selling interest, although there will be some yearend movement for cash flow. The weekly ethanol production report showed production 19,000 barrels a day higher with stocks 200,000 barrels lower with Holiday travel supporting consumption. On the March chart we have the 20-day at $3.71 as key resistance with the $3.56 area of the December contract low next level of support below the fresh $3.57 contract low printed yesterday. SOYBEANS Soybean trade is 3 to 6 cents higher in quiet trade at midday with some commercial buying continuing to support the market. Meal is $1 to $2 lower, and oil 10 to 20 points higher. The drier areas of Brazil are expected see an expansion in rains over the next few days, with the longer term outlook mixed. The export market has been quieter this week with disruptions in movement from the winter storm. January soybean chart support is at the recent lows at $8.55, with the 20-day at 8.79 resistance. WHEAT Wheat trade is 3 to 6 cents lower at midday with selling returning during the day session with corn weakness spilling over along with the firmer dollar. Flooding concerns are plaguing the Chicago wheat-growing areas, while Kansas City wheat looks to get a boost from the storm as it goes into dormancy. Ukrainian wheat will be tested by cold temps and a lack of snow cover in the near term, but major concerns are limited at this point. On the March Kansas City 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.