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DTN Midday Grain Comments     12/11 11:34

   Grains Lower at Midday

   Trade is lower across the board at midday.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher at midday with the Dow futures up 
25 points. The interest rate products are mixed. The dollar index is 15 points 
lower. Energies are higher with crude up 35 cents. Livestock trade is lower. 
Precious metals are mixed with gold narrowly mixed. 


   Corn trade is 3 to 4 cents lower at midday with pressure spilling over from 
soybeans and wheat. Ethanol margins look to be flat to start the week with 
ethanol futures edging lower this morning. Basis and carry is expected to be 
stable to start the week. Corn in South America is mostly two to three weeks 
out from pollination starting with an improved extended forecast. Weekly export 
inspections were disappointing at 658,403 metric tons. USDA announced 110,000 
metric tons sold to Mexico. On the March chart, support is the contract low at 
$3.48 3/4 printed three weeks ago with trade testing that area at midday. 
Resistance is at the $3.53 20-day moving average, then the 50-day moving 
average at 3.59. 


   Soybean trade is 5 to 8 cents lower at midday with trade seeing pressure 
again from an improved extended forecast and demand questions in the near term. 
Meal is 3.50 to 4.50 lower, and oil is 10 to 20 points lower. South American 
weather looks better with rains expected in the next seven days for some of the 
driest areas and better coverage after that heading toward Christmas. The 
weekly export inspections were very disappointing at 1.228 million metric tons. 
On the January chart, support is the 100-day at $9.81. Resistance is at the 
$9.94 10-day.


   Wheat trade is 1 to 7 cents lower at midday with fresh lows being scored 
again for the winter wheats on broader selling pressure with spillover from the 
weak row-crop trade. The Plains look to remain dry with above-normal 
temperatures returning. The Australian harvest should continue to push on this 
week with overall harvest pressure starting to fade. Russia remains the 
dominant origin in the world export markets, with the recent dollar rally 
adding to that advantage. Weekly export inspections were soft again at 316,387 
metric tons. On the March KC contract, chart support is the $4.13 fresh 
contract low scored on overnight, with the 20-day at $4.31 noted chart 

   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


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