DTN Midday Grain Comments     12/12 10:49

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
3 to 4 cents lower; wheat futures are 2 to 5 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
3 to 4 cents lower; wheat futures are 2 to 5 cents lower. The U.S. stock market 
is slightly weaker at midday with the S&P 8 points lower. The U.S. Dollar Index 
is 5 points higher. The interest rate products are weaker. Energy trade is 
mixed with crude off .90 with natural gas .06 higher. Livestock trade is mixed 
with hogs leading. Precious metals are weaker with gold off 52.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade fading further from 
the fresh highs scored Wednesday while spreads soften with fresh bullish news 
needed to push action further. Ethanol margins are rangebound with unleaded 
staying at the lower end of the range as well. Weekly export sales softened a 
bit more at 946,900 metric tons (mt), off 32% from the 4-week average. Basis 
action is showing some softness with the board strength. On the March chart, 
the 20-day moving average at $4.36 is support with the fresh high at $4.51 as 
resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday with early two-sided action 
turning to light selling with flat to firm spread action and mixed product 
action with little other fresh news. Meal is 1.00 to 2.00 lower and oil is flat 
to 10 points higher. 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 export wire saw 334,000 mt of soybeans sold to unknown destinations. 
Weekly export sales softened at 1.174 million metric tons (mmt) of beans, off 
42% from the 4-week average; meal at 176,300 mt and oil at 63,800 mt. Basis is 
expected to remain flat to firmer in the short term. On the January chart, 
trade has support at the 20-day moving average at $9.91, which we closed above, 
with the $10.00 area remaining resistance.

WHEAT:

   Wheat futures are 2 to 5 cents lower with trade fading back off the recent 
highs but continuing to work above nearby support with little other fresh news 
to drive action. The Plains will cool a bit in the short term with further 
moisture limited into midmonth as well. Black Sea conditions should remain 
supportive into dormancy. MATIF wheat continues to hold the upper end of the 
range but has edged lower at midday. Weekly export sales edged a bit lower to 
290,200 mt, off 31% from the 4-week average. On the KC March chart, support is 
the 20-day moving average at $5.56 after pushing through it to start the week 
with the Upper Bollinger Band at $5.76 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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