DTN Midday Grain Comments 01/30 12:04

DTN Midday Grain Comments 01/30 12:04 Grains Mixed at Midday Narrowly mixed trade is seen across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow 350 points higher. The interest rate products are weaker. The dollar index is 11 points higher. Energies are firmer with crude up $1.40. Livestock trade is mixed. Precious metals are flat to higher with gold up fractionally. CORN Corn trade is 2 cents higher at midday; trade has been nearly 4 higher to fractionally higher since the opening bell last night. Momentum is flat at midday. The trade is focused on USDA numbers expected next week and no major changes in South American weather. Many central and eastern parts of the nation are dealing with the extreme cold so many people are not watching the markets much today. The market action continues to illustrate the news and the chart are pushing a sideways action for corn. On the March chart support is the multiple moving averages at the $3.77-3.79 area which we are testing again, with resistance the upper Bollinger Band at $3.84. SOYBEANS Soybean trade is around a penny better at midday after a light attempt to firm; we were up around a nickel at the daily high. Meal is flat to $1.00 lower and oil is 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; this has helped beans firm the past two weeks including the light strength today. Argentina had some wetness but overall production expectations remain good. Next week is expected to bring rain to Brazil and drier weather to Argentina so something for the bulls and bears. March support was at the 200-day at 9.22, which we are back below at midday, and then the 10 and 20-day at $9.10 and resistance the upper Bollinger band at $9.31 1/2. WHEAT Wheat trade is flat to 2 cents lower at midday with trade falling back through first support yesterday, trying to rally earlier, but we are flirting at the two-day low. Southern Hemisphere harvest will continue in the near term with record heat in Australia. North American winter wheat areas have snow cover, which is why the extreme cold did not boost trade. India raised production estimates to over 100 million metric tons for the coming year this week, and no new U.S. export news is around to keep the light rally going that we had in the first part into the middle of January. On the March Kansas City chart support is the lower Bollinger band at $4.92, and resistance the 10-day at $5.06. 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.