DTN Midday Grain Comments     12/13 10:46

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 2 to 3 cents lower at midday; soybean futures are 8 to 9 
cents lower; wheat futures are 2 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday; soybean futures are 8 to 9 
cents lower; wheat futures are 2 to 7 cents lower. The U.S. stock market is 
mixed at midday with the S&P 8 points lower. The U.S. Dollar Index is narrowly 
mixed. The interest rate products are weaker. Energy trade is mixed with crude 
up .80 with natural gas .14 lower. Livestock trade is mixed. Precious metals 
are weaker with gold off 26.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with quiet action as we settle 
into the middle of the recent range with flat to firmer spread action and 
limited fresh news and spillover weakness from soybeans. Ethanol margins should 
remain rangebound near-term with unleaded limiting blender margins at the lower 
end of the range. The daily wire was quiet Friday. Basis action has remained 
flat to weaker with more corn moving in recent days with the futures rally and 
good weather. On the March chart, the 20-day moving average at 4.37 is support 
with the fresh high at $4.51 as resistance.

SOYBEANS:

   Soybean futures are 8 to 9 cents lower at midday with firmer spreads as we 
dip back past nearby support with broad product weakness and limited bullish 
news. Meal is 2.00 to 3.00 lower and oil is 30 to 40 points lower. South 
America looks to see the recent pattern continue with near term concerns 
remaining limited as we get deeper into the crop year. The daily wire saw 
200,000 metric tons (mt) sold to unknown. Basis is expected to remain flat to 
firmer in the short term. On the January chart, trade has support at the 20-day 
at $9.91, which we are back below at midday with the $10.00 area remaining 
resistance.

WHEAT:

   Wheat futures are 2 to 7 cents lower with trade fading back to nearby 
support levels with dollar strength and outside market spillover keeping 
pressure on trade. The Plains look to be warmer and drier starting next week. 
Black Sea conditions show little change in the short-term. MATIF wheat is 
slightly higher Friday morning, holding just off the upper end of the range. On 
the KC March Chart, support is the 20-day at $5.57 after pushing through it 
earlier in the week with the Upper Bollinger Band at $5.77 the next level of 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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