DTN Midday Grain Comments 12/21 11:12

DTN Midday Grain Comments 12/21 11:12 Beans, Wheat Lower at Midday Corn is the midday bright spot. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the DOW futures down 160. The interest rate products are weaker. The dollar index is 40 higher. Energies are mixed with crude up $0.15. Livestock trade is mixed. Precious metals are weaker with gold down 4.20. CORN Corn trade is 2 to 3 cents higher at midday with trade looking to build support into the weekend, after the soft midweek trade. Corn basis looks to be flat with the Holiday slowdown in effect. The ethanol margins continue to be poor with more talk of layoffs and shutdowns, but futures have edged higher this morning. The daily wire showed an export sale to unknown of 222,054 metric tons. On the March chart, the 20-, 50-, and 100-day moving averages at $3.79-$3.80 has failed yesterday becoming resistance, with support the lower Bollinger Band at $3.68. SOYBEANS Soybean trade is 7 to 9 cents lower at midday with trade fading back to the lower side of the recent range. Meal is flat to $1.00 lower and oil is 35 to 45 points lower. South America remains in the recent weather pattern with some dry pockets, and the start of early harvest in Brazil. Basis will provide signals on the quantity of nearby cash business getting done with flat to slightly firmer trade this last week and some rail bids appearing and along with better river bids along with sales on the daily wire of 115,000 to unknown. South American currencies have firmed a touch in the near term. January support is the 50-day at $8.86, with the 20-day at $9.00 nearby resistance then the 10-day at $9.09. WHEAT Wheat trade is 2 to 8 cents lower at midday with trade giving back the bounce yesterday with Russia making not changes to their export program. The dollar is rebounding sharply as well. Australian harvest will continue in the near term, while Argentina battles quality issues, forcing Brazil to look elsewhere. North American winter wheat is seeing milder weather, helping late emergence with little nearby weather concerns. On the March KC chart support is at the 20-day at $5.04 with the 10-day at $5.14 just above the market as resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.