DTN Midday Grain Comments 12/26 10:52

DTN Midday Grain Comments 12/26 10:52 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 2 to 3 cents lower; wheat futures are 13 to 19 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 2 to 3 cents lower; wheat futures are 13 to 19 cents higher. The U.S. stock market is firmer at midday with the S & P 14 points higher. The U.S. Dollar Index is 10 points lower. The interest rate products are mixed. Energies have crude up 2.10 and natural gas off .07. Livestock trade is mostly lower. Precious metals are weaker with gold unchanged. CORN: Corn futures are 4 to 5 cents higher to start the day session with buying picking up after the late bounce last week, and fresh news and volume likely to remain limited in the short term. Ethanol margins look to remain rangebound in the short term with corn and unleaded adding some strength to start the week to boost blenders. Basis should remain steady toward year end with farmer movement, at least light, expected after the first of the year. South American weather remains mostly favorable for the first crop corn. Weekly export inspections were strong at 1.082 million metric tons (mmt). On the March chart, the 20-day moving average at $4.80 is nearby resistance with the Lower Bollinger Band at $4.69 as chart support, just above the $4.68 1/4 fresh low scored Thursday. SOYBEANS: Soybean futures are 2 to 3 cents lower with trade drifting along in the lower part of the range with mixed to better rains for the drier areas of South America short term. Meal is called flat to 1.00 higher and oil 90 to 100 points lower. Weekly export inspections rangebound at 1.071 mmt. Basis is expected to remain flat into the end of the year. The January soybean chart has resistance at the 20-day moving average at $13.18. The $12.92 recent low is nearby support, then the lower Bollinger Band at $12.87. WHEAT: Wheat futures are 13 to 19 cents higher at midday with soft dollar trade and renewed Black Sea shipping concerns giving trade a strong start to the week. The Plains will be cooler and drier in the short term after the recent rains and snows over much of the Plains. World weather issues look limited as well with Southern Hemisphere harvest moving forward. Weekly export inspections improved a little bit at 428,663 metric tons (mt). On the KC March chart, resistance is at the 20-day moving average of $6.38 1/2, which we are testing at midday. 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.