DTN Midday Grain Comments 12/22 10:48
22 Dec 2023
DTN Midday Grain Comments 12/22 10:48 Corn and Wheat Mixed, Beans Higher Midday Friday Corn trade is flat to 1 cent higher; beans are 3 to 5 cents higher and wheat trade is narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Friday with the S&P 18 points higher. The dollar index is 12 points lower. The interest rate products are mixed. Energies have crude off .10 and natural gas off .02. Livestock trade is mostly higher. Precious metals are firmer with gold up 23. CORN: Corn trade is flat to a penny higher at midday as trade continues to grind along the lower end of the range with little fresh news as we head towards the Christmas break just above the lows of the week. Ethanol margins look to remain range-bound short term with corn and unleaded staying range-bound. Basis should remain steady towards the year's 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 was quiet to end the week. On the March chart, the 20-day at $4.80 is nearby resistance with the Lower Bollinger Band at $4.69 chart support just above the $4.68 1/4 fresh low scored today. SOYBEANS: Soybean trade is 3 to 5 cents higher at midday with trade looking to chop around the $13 area into option expiration. Meal is .50 to 1.50 higher and oil was 25 to 35 points lower. Rains should continue to move through the drier areas of Brazil short term but coverage expectations have moderated a little bit. The daily wire has been quiet this week after the prior buying, but export business is still expected given the spread action this week. Basis is expected to remain flat to the end of the year. The January soybean chart has resistance at the 20-day at $13.18. The $12.92 recent low is nearby support then the lower Bollinger Band at $12.87. WHEAT: Wheat trade is narrowly mixed with trade continuing to hold the lower end of the range after finding support yesterday with Chicago action continuing to lead. 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 issues look limited as well with the Southern Hemisphere harvest moving forward. Matif wheat is a bit firmer at midday with the dollar fading back to the lows. Weekly export sales were 322,700 metric tons 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 continues to chop just below. 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.