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DTN Midday Grain Comments     01/23 11:16

   Grains Mixed at Midday

   Corn and wheat are near unchanged, with soybeans lower. 

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are lower with the Dow futures up 69. The 
interest rate products are higher. The dollar index is 400 points lower. 
Energies are mixed with crude down $0.40. Livestock trade is mostly lower. 
Precious metals are higher with gold up $12.  

   CORN

   Corn trade is flat to 2 lower at midday with quiet trade to start the week, 
with $3.70 holding so far. Buy stops are expected above $3.70, the March close, 
which could provide more excitement this morning if we can crack that area. 
Argentine weather and forecasts remain on the forefront of market with some 
rain for Southern Argentina overnight. The weekly export inspections were 
963,987 metric tons. On the March corn chart support is at the $3.62 10-day 
moving average with resistance at the $3.70 200-day moving average. The 40% 
retracement of the June high to late August low is $3.76 1/4. The high Friday 
was a new six-month high; it is 45 cents above the contract low and still 83 
cents below the contract high printed in June.

   Soybeans

   Soybean trade is 7 to 11 cents lower at midday with trade chopping lower 
after some early buying with the market trying to sort out the weather 
forecast. Meal is $4 to $5 lower, with oil 5 to 15 higher. Weather will remain 
the major near term driver with the beneficial rains in the drier parts of 
Argentina, with follow up rain needed. The weekly export inspections remain 
pretty good at 1.29 million metric tons. On the March soybean chart support is 
at the 10-day and highest major moving average at $10.46; resistance is at the 
$10.80 6-month high. The next level of resistance would be the $11 area; then 
the March futures high last June at $11.35. 

   Wheat

   Wheat trade is narrowly mixed at midday with trade continuing to hold near 
the recent range. Weather looks drier for the western plains in the near term, 
while the dollar continues to hold above 100 on the index, with some weakness 
this morning. Weekly export inspections were a bit soft at 276,205 metric tons. 
The Minneapolis contract remains more dynamic and has the most room to correct; 
it is challenging support at the 10-day and highest major moving average at 
$5.67 on the March contract. The March Minneapolis high printed on last week 
was exactly $1 above the contract low printed just over 4 months ago. The March 
Kansas City $4.43 10-day moving average is holding this morning; notable 
resistance is the $4.58 200-day. Support is at the $4.28 100-day moving 
average. 

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


(BAS)

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