DTN Midday Grain Comments 01/18 11:42
DTN Midday Grain Comments 01/18 11:42 Wheat, Beans Trending Higher at Midday Soybeans and wheat are firmer, corn near unchanged at midday. By David Fiala DTN Contributing Analyst General Comments U.S. stock market indices are lower at midday with the Dow futures down 80 points. The interest rate products are higher. The dollar index is 7 lower. Energies are narrowly mixed. Livestock trade is higher this morning. Precious metals are mixed with gold 6.50 lower. CORN Corn trade is fractionally lower at midday with trade working to consolidate the gains from yesterday. The weekly ethanol report showed production at 6.53% higher, with stocks .11% higher and gasoline demand down 1.63% with a jump in ethanol exports. Basis has been flat to a little better with carry steady to slightly stronger to start the week with warmer weather likely boosting movement towards the weekend. Warmer weather should help to throttle back livestock feeding coming forward. The weekly export sales are delayed until Friday. On the March chart support is the 50-day at $3.52 we closed above yesterday, with the 20-day at $3.50 below that, and resistance at the 100-day at $3.58. SOYBEANS Soybean trade is 2 to 4 cents higher at midday with trade working to consolidate above the support levels found yesterday in the low $9.60's on the March. Meal is $2 to $3 higher and oil is 10 to 20 points lower. South American weather looks to continue the recent pattern in the near term with the north and south dry, and the middle wet. Basis and carry remains mostly sideways. The export wire was quiet again today, with only new crop sales on the wire so far this week. On the March, support is the 10-day and 20-day $9.64 that we have tested this morning and resistance the 50-day at $9.84. WHEAT Wheat trade is flat to 3 cents higher with winter wheat the midday leader. Warmer weather should be the rule in the near term, but moisture will likely remain short in the near term for much of the plains. The dollar remains below 91 on the index with the trend still lower, with rallies being sold. The gap between US and Russian origin has narrowed but remains more favorable to Russia. On the March Kansas City contract, chart support is the lows at $4.10, with the weekly low of $4.21 becoming nearby support with the 20-day at $4.29 as the first level of resistance with the 50-day at $4.30 above that, which we have tested this morning. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at firstname.lastname@example.org Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.