DTN Midday Grain Comments 12/08 10:43

DTN Midday Grain Comments 12/08 10:43 Corn, Beans High and Wheat Mixed at Midday Friday Corn trade is 1 to 2 cents higher; beans are 8 to 9 cents higher and wheat trade is 6 cents lower to 1 cent higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P 3 points higher. The dollar index is 45 points higher. Interest rate products are lower. Energies are mixed with crude up 1.80 and natural gas off .02. Livestock trade is mixed. Precious metals are mixed with gold off $26. CORN: Corn trade is 1 to 2 cents higher at midday with flat to firmer spread action as we work just below the highs of the week heading toward the WASDE report release at 11 a.m. CST. 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 range-bound along with corn and unleaded action this week. Basis should remain steady short term. The daily wire saw 165,000 metric tons (mt) sold to unknown. South American weather should see little change in the immediate term with the extended forecast looking wetter for later in the month. On the March chart, the 20-day at $4.85 is nearby support which we are trading just above with the Upper Bollinger Band at $4.97 the next round-up. SOYBEANS: Soybean trade is 8 to 9 cents higher at midday with light buying continuing after the Thursday rebound with meal leading the product complex so far. Meal is $3 to $4 higher and oil is narrowly mixed. 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 136,000 mt sold to China. 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 $13.43, with the lower Bollinger Band at $12.88 as support which bounced off earlier in the week. WHEAT: Wheat trade is 6 cents lower to 1 cent higher with trade still consolidating the recent gains as we see some profit-taking vs. longs in Chicago action heading towards the weekend, even with 110,000 mt going to China again on the daily wire. 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 weaker with the dollar back a bit firmer so far. The WASDE report is expected to show carryout unchanged at 670 million bushels. On the KC March Chart, support is at the 20-day moving average at $6.39 with the Upper Bollinger Band at $6.78 as resistance that we tested earlier in the week. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.