DTN Midday Grain Comments 12/18 10:50

DTN Midday Grain Comments 12/18 10:50 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 2 to 4 cents higher; wheat futures are 3 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 2 to 4 cents higher; wheat futures are 3 to 5 cents lower. The U.S. stock market is firmer with the S&P 22 points higher. The U.S. Dollar Index is 2 points higher. Interest rate products are weaker. Energies are firmer with crude up 2.20 and natural gas up .08. Livestock trade is mostly higher. Precious metals are mixed with gold up 1.00. CORN: Corn futures are 3 to 4 cents lower at midday with rangebound action and trade likely to thin further ahead of the Christmas break with little fresh news. Ethanol margins will improve a bit more if unleaded extends the recent rebound, in addition to holiday travel demand. Basis should remain steady in the short term. Weekly export inspections improved a bit to 947,418 metric tons (mt). South American weather should remain good for Argentina and Brazil first crop corn in the coming week. On the March chart the 20-day moving average at $4.83 is nearby resistance, which we failed to hold earlier in the week, with the Lower Bollinger Band at $4.74 as the next round down. SOYBEANS: Soybean futures are 2 to 4 cents higher in quiet, two-sided action to start the week with short-term dryness in place for North Brazil and trade waiting to see how well the expected rains do later in the week. Meal is 6.00 to 7.00 higher and oil is 5 to 15 points higher. Our eight-day streak of export sales announcements ended Monday; but weekly export inspections were improved at 1.412 million metric tons (mmt). Basis is expected to remain mostly flat in the short term. The January soybean chart has resistance at the 20-day moving average at $13.28, with the lower Bollinger Band at $12.84 as support. WHEAT: Wheat futures are 3 to 5 cents lower at midday with the choppy recent trade continuing. Volatile trade is expected to remain in place as we head toward the end of the year with trade firming off the overnight lows. The Plains should see mostly warmer temps in the short term with moisture potential for the eastern and Southern Plains. World weather looks benign for the Northern Hemisphere overall while Southern Hemisphere harvest will continue to move forward. Matif wheat is slightly firmer to start with the dollar just above multi-month lows. On the KC March chart, support is at the 20-day moving average at $6.37, which we are working to hold above at midday, 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.