DTN Midday Grain Comments 12/14 10:54

DTN Midday Grain Comments 12/14 10:54 Corn and Wheat Mixed, Beans Higher at Midday Thursday Corn trade is flat to 1 cent higher; beans are 3 to 4 cents higher and wheat trade is flat to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P 15 points higher. The dollar index is 95 points lower. Interest rate products are firmer. Energies are firmer with crude up 2.50 and natural gas up .01. Livestock trade is firmer. Precious metals are firmer with gold up 57.00. CORN: Corn trade is flat to 1 cent higher at midday with trade remaining rangebound with light two-sided action during the day session with fresh bullish news in short supply outside of the dollar weakness. Ethanol margins should get a short-term boost if the unleaded rebound continues. Basis should remain steady short term. The daily wire has been quiet so far this week with weekly sales remaining solid at 1.42 million metric tons mmt). South American weather will be watched for coverage into the second part of the month with improvement expected. On the March chart, the 20-day at $4.84 is nearby resistance which we failed to hold earlier in the week with the Lower Bollinger Band at $4.74 the next round down. SOYBEANS: Soybean trade is 3 to 4 cents higher at midday with oil leading product action with forecasts continuing to show short-term stress and medium to longer-term improvement for Brazil. Meal is $2 to $3 higher and oil is 55 to 65 points higher. The daily wire remained active with 400,000 metric tons (mt) of beans sold to unknown today with weekly sales mixed with 1.08 mmt of beans, 325,500 of old meal, 500 of new and 300 of oil. Basis is expected to remain mostly flat short term. The January soybean chart has resistance at the 20-day at $13.31, with the lower Bollinger Band at $12.86 as support. WHEAT: Wheat trade is flat to 5 cents higher at midday with trade finding light buying as the dollar pulls back, and world export business continues to pick up the pace although from non-US locations. The Plains should see mostly warmer and drier weather into the second half of the month. World weather continues to be little changed for the Northern Hemisphere overall, while Southern Hemisphere harvest will move forward. Matif wheat is solidly lower with the dollar back to multi-month lows. Weekly export sales were strong as expected at 1.48 mmt,, reflecting last week's announced sales. On the KC March Chart, support was at the 20-day moving average at $6.39 which we faded back below yesterday with the Lower Bollinger Band at $6.00 as further support. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.