DTN Midday Grain Comments 12/24 11:12

DTN Midday Grain Comments 12/24 11:12 Grains Mixed at Midday It's the day before Christmas, and grain trade is quiet. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow futures down 400. The interest rate products are weaker. The dollar index is 40 lower. Energies are weaker with crude down $1.25. Livestock trade is mixed. Precious metals are firmer with gold down 12.10. CORN Corn trade is flat to 1 cents lower at midday with trade firming back to even after 3-4 cent lower trade early on. Corn basis looks to be flat with the Holiday slowdown in effect. The ethanol margins continue poor with more talk of layoffs, slowdowns and shutdowns, which should help ethanol firm but getting supplies down will be a process with futures edging lower today. Weekly export inspections are expected to be in the 800,000 to 1.1 million metric ton range if they get released this week. On the March chart the 20,50, and 100-day moving average area of $3.79-$3.80 is now resistance with support the lower Bollinger Band at $3.68. SOYBEANS Soybean trade is narrowly mixed with light two sided trade after the early soft start to the session. Meal is flat to $1.00 higher and oil is flat to 10 points lower. South America remains in the recent weather pattern with some dry pockets, and the start of early harvest in Brazil with overall concerns still limited. 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. Weekly export inspections are expected to be in the 800,000 to 1.1 million metric ton range. South American currencies have turned weaker again. January support is the 100-day at $8.79, with resistance at the 50-day at $8.87. WHEAT Wheat trade is mixed with trade expected to chop mostly sideways with trade working to build a range as it transitions from overbought conditions. The dollar is carving out more of a range as well with the down trend potentially supportive longer term. Australian harvest will continue in the near term, while Argentina battles quality issues, forcing Brazil to look elsewhere for some imports. 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 fresh low at $4.99 with the 20-day at $5.04 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 [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.