DTN Midday Grain Comments 12/11 10:51

DTN Midday Grain Comments 12/11 10:51 Corn and Wheat Lower, Beans Higher at Midday Monday Corn trade is 5 to 6 cents lower; beans are 19 to 21 cents higher and wheat trade is 15 to 27 cents lower. 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 24 points higher. Interest rate products are lower. Energies are weaker with crude off .40 and natural gas off .27. Livestock trade is mixed. Precious metals are weaker with gold off $17. CORN: Corn trade is 5 to 6 cents lower with flat spread action as trade fades back through nearby support with negative spillover from wheat and little other fresh news to move trade. On the report Friday, trade saw carryout at 2.131 billion bushels vs. 2.156 last month with Brazil and Argentina production unchanged along with world stocks edging .2 higher to 315.2 million metric tons (mmt). Ethanol margins look to remain range-bound to start the week with driving demand remaining soft. Basis should remain steady short term. The daily wire will be watched for further buying with nothing today with weekly inspections off a little bit this week at 711,733 metric tons (mt). South American weather will be watched for coverage into the second part of the month. On the March chart, the 20-day at $4.85 is nearby support which is where we faded back through at midday with the Lower Bollinger Band at $4.74 the next round down. SOYBEANS: Soybean trade is 19 to 21 cents higher at midday with broad product strength as trade adds a little weather premium back in coming out of the weekend while we wait for further moisture developments. Meal is 5.50 to 6.50 higher and oil is 80 to 90 points higher. On the WASDE report Friday, trade saw domestic carryout unchanged at 245 million bushels with Brazil production falling slightly and Argentina unchanged with world stocks .3 mmt lower to 114.2. The daily wire is expected to remain somewhat active despite no sales today with weekly inspections softer at 984,410 mt. The South American weather pattern appears a touch drier coming out of the weekend. The January soybean chart has resistance at the 20-day at $13.41, with the lower Bollinger Band at $12.83 as support. WHEAT: Wheat trade is 15 to 27 cents lower at midday with trade backing off the upper end of the range with long liquidation continuing as U.S. values have pushed ahead of world values for the moment. On the WASDE report, trade carryout was 659 million bushels vs. 684 million last month, with world stocks down .5 mmt to 258.2 mmt. The Plains should see slightly warmer and drier temps through the middle of the month. World weather has shown little change in recent days with little concern in the Northern Hemisphere for now. Matif wheat is fading as well with the dollar in the middle of the recent range. Weekly export inspections were soft at 281,697 mt. On the KC March Chart, support is at the 20-day moving average at $6.39 which we are just below at midday with the Upper Bollinger Band at $6.77 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.