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DTN Midday Grain Comments     01/26 10:56

   Wheat, Corn Lower at Midday

   Soybeans are the leader at midday, while corn and wheat struggle.

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are mixed at midday with the Dow futures down 
30 points. The interest rate products are higher. The dollar index is 9 lower. 
Energies are narrowly mixed. Livestock trade is sharply lower for cattle, and 
hogs are higher. Precious metals are mixed with gold down $14.


   Corn trade is 1 to 3 cents lower at midday in quiet action with trade 
continuing to work in the recent range. Ethanol margins remain under pressure 
which should lead to growing stocks and decreased production as we head into 
February. The weekly export inspections were stronger at 886,625 metric tons. 
The corn market is illustrating a sideways tone with resistance in the $3.87-90 
area where the 10-day and 50-day moving averages sit, and support at the 
100-day moving average around $3.76. 


   Soybean trade is 2 to 5 cents higher at midday with meal $4 to $5 higher and 
oil 40 to 50 points lower. South American weather forecasts remain mostly good 
with most of the concerns concentrated in Northern Brazil. Soymeal continues to 
maintain an inverse with good demand for the front month. The weekly export 
inspections were strong at 1.522 million metric tons, with more cancellations 
by China possible. The March soybean chart resistance is the 10-day moving 
average at $9.89, with limited nearby March support other than the $9.67 low 
printed this morning, and then $9.20 which is our contract low printed in early 


   Wheat trade is 5 to 10 cents lower at midday across the three exchanges as 
early mixed trade gave way to renewed selling with demand concerns moving back 
to the forefront. Trade is fairly oversold but the consistent appreciation of 
the dollar is a bigger driver for right now. Warmer weather across the Southern 
Plains will limit wheat stress but could encourage some wheat to leave dormancy 
early, although the forecasted early February cold seems to have moderated a 
bit. Weekly export were disappointing at 263,035 metric tons. The March Kansas 
City 10-day and lowest major moving average is at $5.73 which is nearby 
resistance with the $5.61 low printed this nearby support; then $5.54, the 
October and contract low. 

   David Fiala is a DTN contributing analyst and the president of FuturesOne 
and a registered Trading Adviser. 
David Fiala can be reached at 
Follow David Fiala on Twitter @davidfiala


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