DTN Midday Grain Comments 01/31 11:02

DTN Midday Grain Comments 01/31 11:02 All Grains Lower at Midday Corn is the downside leader at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow 70 points lower. The interest rate products are weaker. The dollar index is 20 points higher. Energies are firmer with crude up $.99. Livestock trade is mixed. Precious metals are flat to higher with gold up $10.00. CORN Corn trade is 3-4 cents lower at midday with yesterday's strength evaporating during the day session as we fall back to the lower end of the range. The trade is focused on USDA numbers expected next week and no major changes in South American weather. Ethanol margins remain poor, with futures remaining near the lows, while blender margins are getting a boost from the strength in unleaded. Basis has remained flat to firmer with weather slowing movement. Export sales for the week ending December 20th were finally reported at 1.70 million metric tons. 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 a penny lower with trade fading back from a test of the recent highs again overnight. Meal is $1.00 to $2.00 higher, and oil is flat to 10 points lower. South America weather looks to continue to drift towards improving next week with harvest continuing to build in Brazil. Crush margins remain strong overall, with the flat basis pattern continuing. Export sales for the week ending 12-20 were 2.39 million metric tons of beans, meal was 427,400 metric tons, and oil was 13,700, March remains just below the 200-day at $9.21next support would be the 10-day at $9.14, and then the 50-day at $9.10 and resistance the upper Bollinger band at $9.31 1/2. WHEAT Wheat trade is 1 to 3 cents lower at midday with trade drifting back lower after early strength. Trade is nearing oversold again on the charts, so another positive finish would be supportive. 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 with another warm up and cool down coming. Exports sales for the week of 12-20 were 526,300 metric tons. 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.