DTN Midday Grain Comments 12/30 10:50

DTN Midday Grain Comments 12/30 10:50 Grains Mixed at Midday Corn is 3 to 4 cents lower, soybeans are 5 to 8 cents higher and wheat is flat to 5 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is weaker with the Dow down 145. The dollar index is 25 points lower. Interest rate products are firmer. Energies are mixed with crude up 20 cents. Livestock trade is mostly higher. Precious metals are mixed with gold flat. CORN Corn trade is 3 to 4 cents lower with long liquidation picking up during the day session after pushing fractionally higher overnight. Ethanol margins remain stable to slightly lower with ethanol futures unable to hold above $1.40 a gallon nearby. The weekend storms will likely limit movement in the short term, along with stalling the remaining harvest. Basis should stay steady, but could see isolated weakness with year-end grain moving. Weekly export inspections were soft for the holiday week at 408,946 metric tons. On the March contract, support is at the 20-day moving average at $3.83, with major support at the $3.71 three-month low. Chart resistance is at the upper Bollinger band at $3.95, then the 200-day at $4.07. SOYBEANS Soybeans trade is 5 to 8 cents higher at midday with trade reversing Friday's losses overnight with support during the day session, but the fresh highs failing to hold so far. Meal is $1.00 to $2.00 higher, and oil is 10 to 20 points higher. South American weather and forecasts will continue to be watched day to day, with a less-ideal near-term forecast. Weekly export inspections were softer at 911,482 metric tons. The January chart support is at the 20-day at $9.10 with resistance at the $9.55 upper Bollinger band, then the 9.59 1/2 nine-month high. WHEAT Wheat trade was flat to 4 cents lower with trade unwinding gains early on as we keep consolidating the recent moves. Good moisture hit much of the Plains, easing recent dryness, with cold threats limited in the short term. Russian supplies continue to tighten, potentially adding some support as well. Export inspections were softer at 312,017 metric tons. Spread action is wider to start the week with KC at a 77-cent discount to Chicago, while Minneapolis is back to even. The March KC chart support is the old high at $4.68, with resistance the upper Bollinger band at $4.85. 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.