DTN Midday Grain Comments 01/15 11:29

DTN Midday Grain Comments 01/15 11:29 Grains Mixed at Midday Corn and wheat are higher at midday, soybeans are weaker. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 380 points. The interest rate products are lower. The dollar index is 43 points lower. Energies are higher with crude down $1.60; February futures hit a $29.28 a barrel low this morning. Livestock trade is sharply lower for cattle, moderately lower for hogs. Precious metals are mixed with gold down $15. CORN Corn trade is 3 to 4 cents higher at midday with strong commercial support helping trade to shake off the negative outside markets so far. Chart buying is also helping support corn at midday. Since the report on Tuesday, market bulls and bears have battled to a stalemate with demand concerns, and lower acreage projections due to lower prices. The energy complex continues to make fresh lows keeping the pressure on ethanol margins. Trade could see additional position square late in the day going into the three day market weekend. On March futures we are just above the 10-day moving average at $3.55 which is nearby support with the 20-day at $3.60 nearby resistance, which we have edged above at midday. The 50-day at $3.69 is resistance above the 20-day which is more major resistance. The contract low at $3.48 1/2 remains major support. SOYBEANS Soybean trade is 4 to 6 cents lower midday with trade seeing pressure from the outside markets as well with dime losses seen earlier in the session, with commercial support getting closer to putting in an inverse in the March to May spread. Meal is $4 to $5 lower, and oil is narrowly mixed. The forecast for South America has the near term drier again in many areas with the extended forecast showing improved rains. Trade is still holding the lightly higher post report trend. On the March soybean chart the 20-day at $8.72 is support then the 10-dauy at $8.66. The 100-day at $8.87 is major resistance at this juncture. WHEAT Wheat trade is flat to 3 cents higher across the three contracts at midday with trade finding support from the weaker dollar, while outside markets and demand concerns limit upside here as well. Weather forecasts have shown improvement for India, and no major winter kill threats are out there in the near term with snow cover in the former Soviet Union. On the March Kansas City chart support is the 10-day at $4.66 with major support at the $4.52 1/4 contract low. Resistance is at $4.77 50-day moving average which we flirted above earlier in the week. 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.