DTN Midday Grain Comments     12/17 10:47

   Corn Futures Higher at Midday Wednesday; Soybeans Lower; Wheat Lower-Higher

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 5 to 8 cents lower; wheat futures are 3 cents lower to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 5 to 8 cents lower; wheat futures are 3 cents lower to 3 cents higher. The 
U.S. stock market is weaker at midday with the S&P 50 points lower. The U.S. 
Dollar Index is 10 points higher. The interest rate products are weaker. Energy 
trade is firmer with crude 1.00 higher and natural gas is .09 higher. Livestock 
trade is weaker. Precious metals are sharply higher with gold up 22.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with light buying pulling 
action off the lower end of the range. The weekly ethanol report showed 
production up by 26,000 barrels per day with stocks down by 200,000 barrels 
ahead of holiday travel. The export wire saw sales of 177,055 metric tons (mt) 
sold to Mexico. Basis will likely remain steady to softer into the holiday 
weeks. On the March chart, resistance is the 20-day moving average at $4.42 
1/4, which we fell below earlier in the week, with the Lower Bollinger Band at 
$4.35 as support.

SOYBEANS:

   Soybean futures are 5 to 8 cents lower at midday with early gains fading 
again with product weakness offsetting fresh export sales with momentum 
remaining down after filling the October gap Tuesday. Meal is 2.50 to 3.50 
lower and oil is 20 to 30 points lower. South American weather has some 
short-term dryness to the north and south but overall remains good as we get 
deeper into the growing season. Basis will likely remain soft into the end of 
the year. The daily wire saw sales of 125,000 mt sold to unknown and 198,000 mt 
to China. On the January chart, resistance is the 20-day moving average at 
$11.06, with support the $10.53 1/2 fresh low scored this morning.

WHEAT:

   Wheat futures are 3 cents lower to 3 cents higher with KC trade leading as 
it is trading back above Chicago action for the first time in a while, with row 
crop action and the stronger dollar limiting upside. Southern Hemisphere 
harvest is moving along and keeping world supplies ample as well. Weather for 
the Plains looks warmer and drier than normal for the balance of the month. 
MATIF wheat is firmer this morning with the weaker Euro. On the KC March chart, 
resistance is the 20-day moving average at $5.24 with the support at the fresh 
low at $5.03.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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