DTN Midday Grain Comments 01/04 10:53

DTN Midday Grain Comments 01/04 10:53 All Grains Lower at Midday Trade is lower across the board at midday By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow down 430 points. The interest rate products are lower. The dollar index is 50 points higher. Energies are mixed with crude $0.50 lower. Livestock trade is mostly lower. Precious metals are mixed with gold up $15. CORN Corn trade is 4 to 7 cents lower at midday with fresh lows made this morning as negative outside markets encourage selling. Basis will likely start the week on a soft note with the year-end movement selling last week, and better weather. Ethanol margins have gained from the weak corn, but ethanol futures have drifted lower as energies gave back the big overnight gains. The weekly export inspections were soft at 324,556 metric tons. On the March chart we have the 20-day at $3.71 as key resistance with the $3.50 low made this morning as new support for now. SOYBEANS Soybean trade is 5 to 9 cents lower with Chinese demand concerns and improved South American weather finding some selling. Meal is flat to $1 higher, and oil is 80 to 90 points lower. The drier areas of Brazil are expected see an expansion in rains over the next 10 days, with mixed forecasts beyond that. The weekly export inspections were strong at 1.51 million metric tons. March soybean chart support is at the recent lows at $8.54, with the 20-day at 8.76 resistance. WHEAT Wheat trade is 5 to 14 cents lower across the three contracts at midday with trade following the row crops during the day session. The dollar turning stronger accelerated selling. Ukraine is likely to see some winter kill in the near term, but the extended forecast shows some warmth. The U.S. wheat belt is to see colder weather early next week which could be a concern. The weekly export inspections were soft at 348,273 metric tons. On the March Kansas City chart support is at the $4.52 1/4 contract low printed at this morning, with nearby resistance the lowest major moving average at $4.70 the 10-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 2016 DTN/The Progressive Farmer. All rights reserved.