DTN Midday Grain Comments 12/01 10:52

DTN Midday Grain Comments 12/01 10:52 Corn and Wheat Higher, Beans Lower at Midday Friday Corn trade is 1 to 4 cents higher; beans are 13 to 15 cents lower and wheat trade is flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P 6 points lower. The dollar index is 2 points lower. Interest-rate products are firmer. Energies are firmer with crude up $.10 and natural gas up $.01. Livestock trade is weaker. Precious metals are firmer with gold up $19. CORN: Corn trade is 1 to 4 cents higher at midday with firmer spread action as trade tries to challenge nearby resistance as oversold conditions ease from the early week lows. Ethanol margins are narrowing a bit with corn bouncing and unleaded holding near the lower end of the range with tepid recent demand. Basis should remain steady short term. The daily wire remained quiet into the end of the week. South American weather should see little change in the immediate term from the recent pattern. On the March chart, the 20-day average at $4.85 is nearby resistance which we are just below at midday with the fresh low at 4.70 1/2 as support. SOYBEANS: Soybean trade is 13 to 15 cents lower at midday with trade fading back to the overnight lows with action continuing to chop along the lower end of the recent range with meal longs continuing to unwind. Meal was $9 to $10 and oil is 50 to 60 points lower. The daily wire remained active with 132,000 metric tons sold to China, and 198,000 to unknown. Basis continues to drift sideways short term. The South American weather pattern will be watched for sustained moisture into midmonth for the drier areas with forecast models still diverging a bit in the extended. The January soybean chart has resistance at the 20-day at $13.56, with the lower Bollinger Band at $13.20 as support. WHEAT: Wheat trade is flat to 4 cents higher with trade working to consolidate gains into the week after pushing into resistance levels yesterday. The Plains snow cover should fade with warmer temps into the end of the week with more seasonal temps to follow. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now and Southern Hemisphere harvest to expand. Matif wheat is just a bit higher at midday. On the KC March Chart, support is at the fresh low of $5.95 with the 20-day moving average at $6.37 as resistance which we are just above overnight. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.