DTN Midday Grain Comments 12/21 10:51

DTN Midday Grain Comments 12/21 10:51 Corn and Wheater Higher, Beans Lower Midday Thursday Corn trade is 3 to 4 cents higher; beans are 8 to 10 cents lower and wheat trade is flat to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 35 points higher. The dollar index is 50 points lower. The interest rate products are firmer. Energies have crude off .40 and natural gas up .09. Livestock trade is mostly lower. Precious metals are firmer with gold up 6.60. CORN: Corn trade is 3 to 4 cents higher as trade Thursday continues to grind along the lower end of the range with little fresh news as we head towards the Christmas break with light buying as we work into the day session. Ethanol margins look to remain range-bound short term with a little pressure today as unleaded fades a bit. Basis should remain steady towards year end with farmer movement, at least light, expected after the first of the year. South American weather should remain a non-issue for first crop corn. The daily wire has remained quiet this week with sales solid at 1.01 million metric tons (mmt) of old crop, and 1,000 of new. On the March chart, the 20-day at $4.81 is nearby resistance with the lower Bollinger Band at $4.70 chart support just above the $4.68 1/4 fresh low scored today. SOYBEANS: Soybean trade is 8 to 10 cents lower at midday with trade still seeing firmer spread action as rains are expected to fall over the next few days in Brazil with mixed coverage as the storms start to fire. Meal is $4 to $5 lower and oil was 100 to 110 points lower. The daily wire has slowed this week after the prior buying, but export business is still expected on weakness with weekly sales strong at 1.99 mmt, meal was 147,800 metric tons (metric tons) and oil 3,100. Basis is expected to remain flat by the end of the year. The January soybean chart has resistance at the 20-day at $13.19. The $12.92 recent low is nearby support then the lower Bollinger Band at $12.90. WHEAT: Wheat trade is flat to 5 cents higher with trade working to rebound off the lower end of the recent range again with the cheaper dollar adding support and Chicago continuing to narrow the gap to KC. The plains should see mostly warmer temps over the holidays with some moisture potential for the eastern and southern plains in the seven-day forecast. World weather looks benign for the Northern Hemisphere overall while Southern Hemisphere harvest will continue to move forward. Matif wheat is a bit weaker with the dollar fading back to the lows. Weekly export sales were 322,700 mt of old, and 3,200 of new with the sales pace of soft wheat slowing. On the KC March Chart, resistance is at the 20-day moving average at $6.38 1/2 which we are back below again after the Tuesday bounce. The next resistance level is up at the $6.51 50-day. Support is at the lower Bollinger Band at $6.02. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.