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DTN Midday Grain Comments     12/18 11:29

   Corn, Beans Higher at Midday

   Row crops firmer at midday, with wheat weaker.  

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are firmer with the Dow futures up 250. The 
interest rate products are weaker. The dollar index is 8 lower. Energies are 
weaker with crude down $2.70. Livestock trade is mixed. Precious metals are 
mixed with gold flat. 

   CORN

   Corn trade is 1 to 2 cents higher at midday with quiet trade ongoing at the 
upper end of the range. Corn basis looks to be flat with better weather 
improving movement potential ahead of the likely year end slowdown. Ethanol 
margins remain poor with energies scorning new lows and ethanol futures 
remaining flat to slightly firmer with corn firmer generally over the past 
month. Trade will be watching the daily wire for more sales with nothing 
showing up today. On the March chart the 20-, 50-, and 100-day moving averages 
at $3.79-$3.80 is our chart support area with resistance at $3.87 3/4 then the 
four-month high at $3.90 1/2.

   SOYBEANS

   Soybean trade is 3 to 5 cents higher at midday with rangebound action 
ongoing with Brazil weather and export announcements in focus with nothing on 
the daily wire today. Meal is $1.00 to $2.00 higher and oil is 10 to 20 points 
higher. NOPA crush was 166.85 million bushels for November, just below the 
expected pace, but very strong overall. South America is focused on the dry 
pockets in Brazil along with quicker progress in Argentina overall. Basis will 
provide signals on the quantity of nearby cash business getting done with flat 
to slightly firmer trade this last week and some rail bids appearing. The daily 
wire was quiet to start the week. South American currencies remain weak as 
well. January support is the 20-day at $8.99, with the 10-day at $9.10 nearby 
resistance then the recent high at $9.29.

   WHEAT

   Wheat trade is 2 to 6 cents lower at midday with wheat trade starting to 
build a range after the recent rally. The dollar has drifted lower to start the 
week, but remains elevated for more direction expected from the Fed tomorrow. 
Australian harvest will continue in the near term. North American winter wheat 
is seeing milder weather, helping late emergence. Russian/Ukrainian issues have 
been quieter this week. On the March Kansas City chart, support is at the 
50-day at $5.18 that we closed above last week and today with the upper 
Bollinger Band at $5.24 which we are just below and the 100-day the next round 
up at $5.44.

   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


(BAS)

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