DTN Midday Grain Comments 01/24 12:04

DTN Midday Grain Comments 01/24 12:04 Corn, Wheat Lower at Midday Soybeans are the leader at midday up a nickel, with corn and wheat trading slightly lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow 60 lower. The interest rate products are weaker. The dollar index is 25 points lower. Energies are mixed with crude down $.15. Livestock trade is mixed. Precious metals are slightly lower with gold down $1.90. Corn Corn trade is 1 to 2 cent lower in quiet midday action with trade fading back into support after failing to extend gains earlier in the week. The South American recent weather pattern remains intact as we head towards February. Ethanol margins remain poor with futures just off the low, with production down 20,000 barrels lower, and stocks 150,000 barrels higher. Winter weather will likely slow corn movement again, keeping basis flat to firmer. The government partial shutdown is expected to continue to limit news. On the March chart support is the multiple moving averages at the $3.77-3.79 area which we are testing this morning, with resistance the upper Bollinger Band at $3.84. SOYBEANS Soybean trade is 2 to 4 cents higher at midday with rangebound action continuing with a lack of fresh news. Meal is .50 to $1.50 higher, and oil is flat to 10 points higher. South America weather items remain in the recent weather pattern with harvest going early amid heat and pockets of dryness in Brazil with generally disappointing yields so far, and excessive rain potential in Argentina but overall good conditions there. Basis has been pretty flat with the weather likely to add support. Trade is also watching for shipments off the west coast to China. Forecasts are being monitored closely. Support is the $9.07 50-day moving average, and resistance the 200-day at 9.24. WHEAT Wheat trade is flat to 3 cents lower with trade fading a bit while consolidating recent gains. The dollar remains in the mid part of the recent range with AM gains. Southern Hemisphere harvest will continue in the near term. North American winter wheat should be ok moisture wise with cold snaps the biggest threat for now with the worst of the cold likely for soft winter wheat. Russia domestic prices will be watched closely with firmer values again there. On the March KC chart support is the 50-day at $5.03 with resistance the upper Bollinger band at $5.15, then the 100-day at $5.20 1/2. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. 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 2019 DTN/The Progressive Farmer. All rights reserved.