Wheat Lightly Higher at Midday
Grain trade is mixed in quiet midday trade. By David Fiala DTN Contributing Analyst
General Comments on grains
The U.S. stock market indices are falt with Dow futures up 10. The interest rate products are flat to lower. The dollar index is 35 higher. Energies are narrowly mixed with crude up $0.15. Livestock trade is lower. Precious metals are lower with gold off $9.
CORN
Corn trade is 3 to 7 lower in quiet trade at midday. Outside markets are neutral to slightly negative. The weather forecast remains worrisome for many areas in the western Corn Belt, while the east generally looks better. Basis remains strong in the country indicating further support in the cash market for now. Ethanol margins are decent on strong crude prices, and rallying RIN values. Production was slightly lower on the week, while inventories rose slightly on weaker post holiday demand and imports. Nearby contract support is at $5.40, with resistance at $5.57, while December is at $5.01, and resistance at $5.23.
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