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DTN Midday Grain Comments     01/27 10:43

   Corn Up, Beans Down Midday Friday

   Corn trade is 1 to 2 cents higher; beans are 1 to 2 cents lower, and wheat 
trade is flat to 7 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is 1 to 2 cents higher; beans are 1 to 2 cents lower, and wheat 
trade is flat to 7 cents higher. The U.S. stock market is flat with the Dow off 
10 points. The U.S. Dollar Index is 0.20 higher. Interest rate products are 
weaker. Energies are weaker with crude off $0.80 and natural gas off $0.08. 
Livestock trade is firmer. Precious metals are mixed with gold up $1.00.

CORN:

   Corn trade is 1 to 2 cents higher at midday Friday with steady to firmer 
spread action as we edge back toward the top of the recent range. 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 as Argentina should show short-term improvement with the 
extended forecast being watched again and some rains overnight. The daily 
export wire was quiet Friday after some action this week. Basis has stabilized 
in the west with above average action 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, which we have faded from last week with a fresh high for the move being 
scored at $6.88 3/4.

SOYBEANS:

   Soybeans are 1 to 2 cents lower at midday with light selling and slightly 
softer spread action as trade continues to chop around the upper end of the 
range with product action mixed. Meal is $1.00 to $2.00 higher and oil is 0.25 
cent to 0.35 cent lower. The daily export wire was quiet to close the week 
after better action overall. South American weather looks better for the most 
part short term with harvest to keep moving forward in Brazil. Basis remains 
mostly sideways near term. March chart support is at the $15.05 20-day which we 
are moved back above Thursday, with the upper Bollinger Band at $15.41 the next 
level of resistance.

WHEAT:

   Wheat trade is flat to 7 cents higher with KC the leader again as trade 
bounces back from overnight weakness to push toward this month's highs to close 
the week. Matif wheat values are pulling back from the recent highs which 
should limit upside. On the chart, KC March has support at the 20-day moving 
average at $8.43, which are solidly above overnight, with the recent high at 
$8.70 as resistance then the upper Bollinger Band at $8.80.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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