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Monday, December 22, 2014  
 
 
 
 
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DTN Midday Grain Comments     12/22 11:22

   Grain Trading Mostly Quiet at Midday

   Grain trade is flat to higher at midday with light chart buying. 

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are flat to higher with the Dow futures up 90 
points. The interest rate products are higher. The dollar index is 7 lower. 
Energies are lower with crude $1.70 lower. Livestock trade is mixed with cattle 
higher and hogs lower. Precious metals are flat to lower with gold down $13.

   CORN

   Corn trade is 1 to 2 cents higher in quiet midday trade. The weekly export 
inspections were okay at 790,145 metric tons. Some export business was seen 
last week, and 166,600 metric tons of corn were announced as sold to unknown. 
Ethanol margins are back under pressure today and now around break even after 
trading at a six-month high just over a month ago. The March corn chart items 
remain the same with support at $4.05 at the 10-day moving average and 
resistance at the $4.21 200-day moving average. The daily range has been mixed 
and only around 6 cents illustrating holiday type trade. The trading schedule 
for next week will be the market closing at noon cst on Wednesday then open at 
8:30 Friday morning with a normal Friday close.

   SOYBEANS

   Soybean trade is 4 to 9 cents higher at midday in fairly quiet trade, while 
meal is $5 to $6 higher, and oil is flat to 10 points lower. The weekly export 
inspections were strong again at 2.2 million metric tons. South American 
weather looks to generally remain ok in the near term. January chart support is 
at the $10.19 100-day then the $10.13 50-day. Resistance is at the $10.35 
10-day moving average which we are just above at midday, then the recent high 
at $10.60. Any change in South American weather should give us direction next 
week, without a change sideways action appears to be in the cards for our week 
of Christmas. The market came close to the 100-day of Friday and if we go there 
this week we should expect sizeable sell stops under it. 

   WHEAT

   Wheat trade is narrowly mixed at midday after early gains as trade looks to 
continue consolidating after the selloff on Friday, and Russian concerns are 
still encouraging commercial buying. Weather items are limited at this point 
although future winter kill threats and dryness can develop as we officially 
move into winter in the northern hemisphere. The weekly export inspections were 
442,055 metric tons. The dollar remains near the fresh multiyear highs scored 
on Friday. On the March Kansas City chart support is down at the $6.50 10-day 
with resistance at the $6.81 200-day. 

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


(CZ)

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