DTN Midday Grain Comments 12/24 10:46

DTN Midday Grain Comments 12/24 10:46 Corn Lower While Soybeans, Wheat Move Higher Corn futures are a penny lower, soybeans 2 to 3 cents higher, and wheat 4 to 8 cents higher. By David Fiala DTN Contributing Analyst General Comments Corn futures are a penny lower, soybeans 2 to 3 cents higher, and wheat 4 to 8 cents higher. The U.S. stock market is mixed with the Dow down 30. The dollar index is 3 points lower. Interest rate products are weaker. Energies are firm with crude up 50 cents. Livestock trade is mixed. Precious metals are firmer with gold up $15. CORN Corn futures are 1 cent lower with a slow session expected to continue until we hit the noon close Tuesday for the Christmas break. Ethanol futures have continued to chop along the recent range, keeping margins stable with greater usage expected this week with Christmas travel, along with rumored ethanol buying by China with the weekly report delayed until Thursday. Warmer weather should help remaining harvest progress but some moisture looks to return later in the forecast. Basis should stay firm with limited holiday movement. On the March contract, support is at the 20-day moving average at $3.81, with major support at the $3.71 3-month low. Chart resistance is at the 100-day moving average at $3.90, upper Bollinger band at $3.92, then the 200 day at $4.07. SOYBEANS Soybean futures are 2 to 4 cents higher with firmer trade during the day session as we creep back to the recent highs after overnight selling. Meal is 1.00 to 2.00 higher and oil is narrowly mixed. South American weather and forecasts will continue to be watched day to day, with a mixed short-term forecast but no major concerns overall. Argentina continues to raise export taxes. The export wire has been more active lately as the trade deal progress takes hold with sales to China two of the last four days. The January chart support is at the 50-day at $9.18 with resistance at the $9.44 upper Bollinger Band then the 9.59 1/2 9-month high. WHEAT Wheat futures are 4 to 8 cents higher with trade testing the upper end of the range; KC leading at midday. The forecast has plenty of moisture for Kansas, along with warmer temps in the short term, which could limit upside. Wheat needs a pattern of friendly demand news to keep the higher trends on the chart in force after the strong sales last week. Russian supplies continue to tighten, potentially adding some support as well. Spread action was flat to slightly wider to start the week with KC holding at a 78-cent discount to Chicago, while Minneapolis is at 2 cents. The March KC chart support is the $4.46 20-day moving average. Resistance is at the $4.68 5-month high then the Upper Bollinger band at $4.71. 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.