DTN Midday Grain Comments     12/20 10:52

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 4 to 5 cents higher at midday; soybean futures are 11 to 12 
cents higher; wheat futures are flat to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday; soybean futures are 11 to 12 
cents higher; wheat futures are flat to 2 cents higher. The U.S. stock market 
is firmer at midday with the S&P 83 points higher. The U.S. Dollar Index is 55 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude off .05 with natural gas .05 higher. Livestock trade is sharply higher. 
Precious metals are firmer with gold up 39.00.

CORN:

   Corn futures are 4 to 5 cents higher with trade pressing back to the middle 
of the range as we extend the Thursday rebound from the test of support with 
broad spillover support. Ethanol margins should continue to hold the range with 
holiday travel adding support, but stronger corn action is starting to weigh a 
bit. The daily wire saw 150,000 metric tons (mt) sold to Colombia. Basis action 
is expected to remain flat to weaker towards the end of the year. On the March 
chart, the 20-day moving average at $4.38 is support which bounced back from 
Thursday with the fresh high at $4.51 as resistance.

SOYBEANS:

   Soybean futures are 11 to 12 cents higher with meal leading the product 
complex as we continue to rebound from the early week selloff with significant 
short covering after the midweek low held. Meal is 8.00 to 9.00 higher and oil 
is 45 to 55 points lower. South America weather is expected to remain mostly 
good short term with the Brazilian real remaining at near 5-year lows to boost 
export competitiveness. The daily wire was quiet to end the week. Basis is 
expected to remain flat to firmer short term. On the January chart, trade has 
support at the lower Bollinger Band at $9.62, which got back above overnight 
with the 20-day the next level of resistance at $9.84.

WHEAT:

   Wheat futures are flat to 2 cents higher with the easing dollar helping 
trade find support with the rally in Euro prices, slowing for now to limit 
upside. The Plains look to be warmer into the end of the month with better 
moisture possibilities for much of the plains about a week out. The Black Sea 
area has had little fresh news lately, politically or otherwise. MATIF wheat is 
backing off the recent highs with spreads versus U.S. origin still near the 
fall highs. On the KC March Chart, resistance is the 20-day at $5.53 with the 
Lower Bollinger Band at $5.37 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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