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DTN Midday Grain Comments     12/08 11:34

   Grains Mixed at Midday

   Mixed action at midday, with corn leading.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher at midday with the Dow futures up 
60 points. The interest rate products are mostly lower. The dollar index is 20 
points higher. Energies are higher with crude up 70 cents. Livestock trade is 
mixed. Precious metals are mixed with gold down $3. 


   Corn trade is 1 cent higher at midday with trade trying to build support at 
the lower end of the range in quiet action so far. Ethanol margins are seeing 
some support with the stronger energy complex and slightly higher ethanol 
futures to go with the slightly firmer corn board. On the March chart support 
is the contract low at $3.48 3/4 printed three weeks ago with resistance at the 
$3.54 20-day moving average then the 50-day moving average at 3.59. The 
one-month range is 15 cents, with another test of the lows possible during the 
day session today if momentum fails heading towards the close. 


   Soybean trade is 3 to 7 cents lower at midday with trade failing to hold the 
overnight strength despite fresh export sales. Meal is $3 to $4 lower and oil 
is 5 to 15 points lower. South American weather looks better in the 10-16 day, 
while the near term remains fairly dry. The USDA announces 268,000 metric tons 
sold to China, and 129,000 sold to unknown. On the January chart support is at 
the $9.89 20-day moving average, but we have edged below that area at midday, 
then the 100-day at $9.81. Resistance is at the $9.96 10-day which we tested 
overnight, then the $10.15 four-month high reached on Tuesday.


   Wheat trade is narrowly mixed at midday with early gains fading again with 
trade remaining fixed in the lower end of the range in fairly quiet action. The 
plains are turning colder with moisture looking to remain limited; this should 
limit downside. The Australian harvest should continue to push on this week 
with overall harvest pressure starting to fade. Russian remains the dominant 
origin in the world export markets. On the March Kansas City contract, chart 
support is the $4.18 3/4 fresh contract low scored on Thursday, with the 20-day 
at $4.35 noted chart resistance. 

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered Advisor.
He can be reached at 
Follow him on Twitter @davidfiala


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