DTN Midday Grain Comments 12/07 10:55

DTN Midday Grain Comments 12/07 10:55 Corn, Beans and Wheat Higher at Midday Thursday Corn trade is 1 to 2 cents higher; beans are 8 to 9 cents higher and wheat trade is 1 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S and P 25 points higher. The dollar index is 45 points lower. Interest rate products are mostly lower. Energies are mixed with crude up .07 and natural gas off .02. Livestock trade is mixed. Precious metals are mixed with gold off 2.00. CORN: Corn trade is 1 to 2 cents higher at midday with flat to softer spread action as we work right around the 20-day moving average with choppy action continuing ahead of the WASDE report tomorrow. On the report, trade is looking for domestic carryout at 2.176 billion bushels with South American production being revised slightly lower. Ethanol margins remain rangebound along with corn and unleaded. Basis should remain steady short term. The daily wire was quiet today with weekly sales remaining solid at 1.289 million metric tons (mmt). 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 support which we are trading right with the Upper Bollinger Band at $4.97 the next round up. SOYBEANS: Soybean trade is 8 to 9 cents higher at midday with oil leading the product side with little change to the immediate weather forecast. Meal is $2 to $3 lower and oil is 165 to 185 points higher. On the WASDE report, trade is looking for domestic carryout at 246 million bushels with Brazil's estimates slightly lower from last month and Argentina's slightly higher. The daily wire saw 121,000 metric tons (mt) sold to unknown with weekly sales remaining solid at 1.518 mmt of beans, 110,000 of old meal, 500 of new, and 1,600 of oil. The South American weather pattern is still expected to shift more into mid-month to help the drier areas. The January soybean chart has resistance at the 20-day at $13.44, with the lower Bollinger Band at $12.90 as support which we tested yesterday. WHEAT: Wheat trade is 1 to 4 cents higher with consolidation continuing after the recent strength with the daily wire quiet for the first day this week with spread strength indicating more business might get done. The Plains should see mostly seasonal to slightly warmer temps short term with moisture shifted to the east. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now. Matif wheat is lightly weaker with the dollar back near the recent highs. Weekly export sales were 356,400 mt with this week's bookings not showing up yet. On the KC March Chart, support is at the 20-day moving average at $6.39 with the Upper Bollinger Band at $6.75 as resistance that we faded back from yesterday. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.