DTN Midday Grain Comments 12/26 10:51

DTN Midday Grain Comments 12/26 10:51 Soybeans, Wheat Higher While Corn Moves Lower Corn futures are fractionally lower; soybeans 1 to 2 cents higher; wheat 3 to 9 cents higher. By David Fiala DTN Contributing Analyst General Comments Corn futures are fractionally lower; soybeans 1 to 2 cents higher; wheat 3 to 9 cents higher. The U.S. stock market is firmer with the Dow up 65. The dollar index is 10 points lower. Interest rate products are firmer. Energies are firmed with crude up 50 cents. Livestock trade is mostly higher, led by cattle. Precious metals are firmer with gold up $9. CORN Corn futures are flat to 1 cent lower Thursday morning with light volume likely to continue as we return from Christmas break. The weekly ethanol report should show steady production and stocks with futures treading water. Moisture looks to stick to the Plains and Eastern Corn Belt, short term, which should allow for more harvest clean-up. Basis should stay firm with limited Holiday movement. Export sales will be delayed until tomorrow. 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 upper Bollinger band at $3.92, then the 200-day moving average at $4.07. SOYBEANS Soybean futures are 1 to 2 cents higher with trade scoring new highs before pulling back slightly at midday. Meal is 2.00 to 3.00 lower and oil is 45 to 55 points higher, keeping crush margins solid. 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 trade deal progress takes hold with sales to China reported two of the last five trading days. The January chart support is at the 50-day moving average at $9.18 with resistance at the $9.46 upper Bollinger Band then the 9.59 1/2 9-month high. WHEAT Wheat futures are 3 to 8 cents higher with world values supporting action ahead of expected short-term rains across the Plains. The forecast has plenty of moisture for much of the Plains, with the above-normal temps to continue. 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 remains flat on the week with KC holding at an 80-cent discount to Chicago, while Minneapolis is at 3 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.