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DTN Midday Grain Comments     01/17 11:33

   Wheat, Corn Higher at Midday

   Corn is the midday leader, followed by wheat, with soybeans marginally lower.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher at midday with the Dow futures up 
150 points.  The interest rate products are higher. The dollar index is 25 
higher. Energies are higher with crude up 0.22. Livestock trade is mixed with 
cattle leading. Precious metals are lower with gold 4.50 lower. 

   CORN

   Corn trade is 3 to 4 cents higher at midday with trade testing upside 
resistance at midday. Ethanol futures are higher helping the corn strength, or 
some argue vice versa. 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. Some short profit taking appears to have our 
midday momentum flat to higher. On the March chart support is the $3.45 
contract low. Resistance is at the 20-day moving average at 3.50 then the 
50-day at $3.52 which we are testing at midday. 

   SOYBEANS

   Soybean trade is 2 to 3 cents lower at midday with trade testing nearby 
support in quiet action. Meal is flat to $1 lower, and 20 to 30 points lower. 
South American weather is drier in Northern Brazil and wetter in southern 
Brazil, along with mixed in Argentina with the main reproductive season coming 
up for soybeans. Basis and carry remains mostly sideways. December NOPA crush 
was a record at 166 million bushels. The export wire had 132,000 metric tons of 
soybeans sold to unknown for 2018-19. 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 
$9.86. 

   WHEAT

   Wheat trade is 1 to 3 cents higher at midday with trade trying to forge a 
post report low. 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 fallen down to 90 but has started to bounce off the low today. Russia 
secured more Egypt business yesterday with 295,000 metric tons sold. On the 
March Kansas City contract, chart support is the lows at $4.10, with the day 
low of $4.21 becoming nearby support with the 20-day at $4.29 as the first 
level of resistance.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered Advisor.
He can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


(BAS)

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