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DTN Midday Grain Comments     01/30 10:59

   Corn, Beans & Wheat Higher at Midday

   Corn trade is flat to 1 cent higher; beans are 18 to 20 cents higher, and 
wheat trade is 4 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is flat to 1 cent higher; beans are 18 to 20 cents higher, and 
wheat trade is 4 to 8 cents higher. The U.S. stock market is weaker with the 
Dow down 45 points. The dollar index is 10 points higher. Interest rate 
products are lower. Energies are weaker with crude down 0.05 and natural gas 
off 0.07.  Livestock trade is firmer. Precious metals are mixed with gold off 
5.00.

CORN:

   Corn trade is flat to 1 cent higher at midday to open the week with spread 
action flat to lower as we press back into resistance at the upper end before 
fading a bit with mixed progress in South America and nearby demand holding up 
well.  Ethanol margins will need blender margins to stay solid to hold demand 
and production at recent levels with sinking natural gas adding support. Crop 
development will continue to be watched with mixed Argentina rains. The daily 
export wire will need to continue as weekly inspections were a bit soft at 20.8 
million bushels (527,932 mt). Basis has stabilized in the west with cash bids 
holding up overall. On the March chart, support is at the $6.69 20-day moving 
average with the upper Bollinger Band at $6.92 the next round up, which we have 
faded from last week with a fresh high for the move being scored at $6.88 3/4.

SOYBEANS:

   Soybeans are 18 to 20 cents higher at midday with mixed Argentina action and 
rains slowing some of the early harvest in Brazil adding support along with 
nearby demand holding up well. Meal is 9.00 to 10.00 higher and oil is 70 to 80 
points higher. The daily export wire was quiet to start the week after better 
action overall with weekly inspections improved at 1.855 million metric tons. 
South American weather should help stabilize the Argentina crop with Brazil has 
pace to lag a little bit. Basis remains mostly sideways near term. March chart 
support is at the $15.05 20-day which we closed just above, with the Upper 
Bollinger Band at $15.41 the next level of resistance which we are a dime away 
from overnight.

WHEAT:

   Wheat trade is 4 to 8 cents higher at midday with KC action leading again 
with flat to firm spread action. Trade is pressing into the higher end of the 
recent range as we continue to ease oversold conditions with little fresh news 
overall. The Southern Plains should show some improvement. Europe and the Black 
Sea see mixed weather as we move deeper into winter along with the ongoing 
political questions. Matif wheat values are a bit firmer today as well. Weekly 
export inspections improved at 445,443 metric tons. On the chart, KC March has 
support at the 20-day moving average at $8.44 which are solidly above, with the 
recent high at $8.95 as resistance with the Upper Bollinger Band at $8.85 which 
we are just below overnight.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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