DTN Midday Grain Comments 12/20 10:56

DTN Midday Grain Comments 12/20 10:56 Corn, Soybeans Higher, Wheat Lower at Midday Corn futures are 1 to 2 cents higher; soybeans 3 to 5 cents higher, and wheat 1 to 6 cents lower. By David Fiala DTN Contributing Analyst General Comments Corn futures are 1 to 2 cents higher; soybeans 3 to 5 cents higher, and wheat 1 to 6 cents lower. The U.S. stock market is firmer with the Dow up 120. The dollar index is 30 points higher. Interest rate products are unchanged. Energies are mixed with crude down 80 cents. Livestock trade is mostly lower. Precious metals are weaker with gold down $4. CORN Corn futures are 1 to 2 cents higher in quiet midday trade as we continue to chop around just below resistance. Ethanol futures have continued to chop along the recent range, keeping margins stable. Warmer weather should help remaining harvest progress but some moisture looks to return later in the forecast. Basis should stay firm if we stay sideways here. The March contract support is at the 20-day moving average at $3.80, with major support at the $3.71 3-month low. Chart resistance is at the 100-day moving average at $3.90, then the 200-day at $4.07. SOYBEANS Soybeans futures are 3 to 5 cents higher at midday with trade consolidating in a range with more sideways action as fresh bullish news has been lacking this week. Meal is flat to $1.00 higher, and oil is flat to 10 points lower with crush margins still strong. South American weather and forecasts will continue to be watched day to day, at this juncture no major change in production expectations due to weather should limit upside. The January chart support is at the 50-day at $9.18 with resistance at the $9.32 upper Bollinger Band and then the 9.59 1/2 9-month high. WHEAT Wheat futures are 2 to 6 cents lower at midday with KC showing the best action so far. The forecast has some moisture for Kansas along with warmer temps in the short term. Wheat needs a pattern of friendly demand news to keep the higher trends on the chart in force after the strong sales Thursday. KC has continued to gain slightly this week, narrowing the spread to 80 cents, with Minneapolis holding a 7-cent discount to Chicago. The March KC chart support is at the $4.60 200-day moving average which we are testing at midday then the $4.46 10-day moving average. Resistance is at the $4.68 5-month high then the $5.09 1/2 July high, then the spring high of $5.45. 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 (AG) Copyright 2019 DTN/The Progressive Farmer. All rights reserved.