Mixed Grain Trade at Midday
Grain trade is fairly quiet at midday with mostly lower trade.By David Fiala DTN Contributing Analyst
Grain General Comments
The U.S. stock market is lower with the DOW futures off 64. The interest rate products are lower. The dollar index is 8 higher. Energies are narrowly mixed. Livestock trade is mostly higher. Precious metals are higher with gold up $10.
CORN
Corn trade is 1 to 3 lower at midday in slow trade. December futures have seen trade from 3 higher to around 5 lower. A new low for the move has been seen keeping the downtrend in place. The weather forecast remains cool, with some moisture for the driest areas. Outside markets are pretty neutral this morning, so little to talk about of significance. The chart picture is negative, the December 10-day is up at $4.91 which is the first notable chart resistance, now that we slipped below $4.75, $4.50 is the next notable support. The weekly export inspections were in the low but in the middle part of expectations at 11 million bushes. Crop ratings this afternoon are expected to remain pretty steady thanks to the cool weather, although maturity will continue to lag.
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