DTN Midday Grain Comments 12/04 10:51

DTN Midday Grain Comments 12/04 10:51 Corn and Wheat Futures Higher Midday Monday Corn trade is 2 to 3 cents higher; beans are narrowly mixed and wheat trade is 8 to 21 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 2 to 3 cents higher; beans are narrowly mixed and wheat trade is 8 to 21 cents higher. The U.S. stock market is weaker with the S&P 42 points lower. The U.S. Dollar Index is 0.50 higher. Interest rate products are weaker. Energies are flat to weaker with crude off $0.35 and natural gas off $0.14. Livestock trade is mixed. Precious metals are sharply lower with gold off $45.00. CORN: Corn trade is 2 to 3 cents higher at midday Monday with trade edging through nearby resistance levels at midday with flat to firmer spread action. Ethanol margins are narrowing a bit with corn bouncing and unleaded remaining near the low end of the range. Basis should remain steady short term with the roll to March complete. The daily wire showed 267,044 metric tons sold to Mexico with weekly export inspections stronger at 1.158 million metric tons. South American weather should see little change in the immediate term with the extended forecast looking wetter. On the March chart, the 20-day at $4.85 is nearby resistance, which we are just above with the fresh low at $4.70 1/2 as support. SOYBEANS: Soybean trade is narrowly mixed at midday with trade firming a bit off the early lows as we remain at the lower end of the range with product action trying to find footing as we watch for further weather developments in South America. Meal is $1.00 to $2.00 higher and oil is 0.30 cent to 0.40 cent higher. The daily wire remained active with 183,000 metric tons of meal sold to Philippines with weekly export inspections disappointing at 1.109 million metric tons. Basis continues to drift sideways short term. The South American weather pattern will be watched for confirmation of the expected uptick in rain at the end of the two-week forecast. The January soybean chart has resistance at the 20-day at $13.54, with the lower Bollinger Band at $13.14 as support. WHEAT: Wheat trade is 8 to 21 cents higher with Chicago leading action after pushing through nearby resistance last week with China securing 440,000 metric tons of soft wheat on the daily wire as trade consolidates further above nearby resistance. The Plains should see mostly seasonal to slightly warmer weather in the short term. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now. Matif wheat is solidly higher as well. Weekly export inspections were soft at 187,955 metric tons. On the KC March Chart, support is at the 20-day moving average at $6.37 with the upper Bollinger Band at $6.72 as resistance as we trade to consolidate the recent rebound. ** Register now for DTN's Virtual Ag Summit on Dec. 5 and 6, a virtual event that offers discussions of farmland values, tax advice, the latest technological advances, and the challenges of having a family business. On Wednesday, Ag Meteorologist John Baranick will give an early glimpse of what to expect from the weather in 2024 and Todd Hultman will give you his best assessment of where corn and soybean prices are headed in the year ahead. Register for this free event at https://www.dtn.com/2023-ag-summit-series/. Can't make it those two days? A recorded link will be provided, but you need to register. ** David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.