DTN Midday Grain Comments 12/19 11:46

DTN Midday Grain Comments 12/19 11:46 Grains Mixed at Midday Early gains give way to weaker midday trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower at midday with the Dow futures down 35 points. The interest rate products are lower. The dollar index is narrowly mixed. Energies are mixed with crude up 10 cents. Livestock trade is lower. Precious metals are mixed with gold down 2.20. CORN: Corn trade is narrowly mixed in quiet trade at midday with action remaining in the lower end of the range. Ethanol futures are at the low end of the range to start the week, with blenders continuing to see the most benefit to their margins. Corn basis and carry remain steady. Chinese domestic corn values have continued to build a firmer trend. The expiration of the December contract last Friday has nearby chart-watchers looking at the lower lows printed by December as a target for March. On the March chart, support is the contract low at $3.46 1/2 printed Friday and tested at Monday and today with resistance at the $3.52 20-day moving average, then the 50-day moving average at 3.58. SOYBEANS: Soybean trade is 3 to 4 cents lower with trade generally grinding lower after early strength. Meal is $2 to $3 lower and 5 to 15 points higher on oil. South American weather should see more rain in the near term with planting wrapping up and the medium term turning drier. Basis and carry are expected to remain sideways ahead of Christmas. USDA announced 145,000 metric tons of soybeans sold to unknown. On the January chart, support is the recent low at $9.57 scored this Monday. Resistance is at the $9.75 200-day. WHEAT: Wheat trade is narrowly mixed overnight with winter wheat showing the most strength with trade briefly trading 4 cents higher before fading toward unchanged. The Plains continue to be mostly dry in the short term with some better moisture expected in the extended forecast. A winter storm is forecast around Christmas with some winterkill concerns possible on the cold snap. The dollar has gravitated toward the lower end of the recent range. On the March KC contract, chart support is the $4.10 1/2 fresh contract low scored on Monday, with the 10-day at $4.18 serving as first support, with the 20-day at $4.26 as more substantial resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.