DTN Midday Grain Comments 12/27 10:59

DTN Midday Grain Comments 12/27 10:59 Corn, Beans and Wheat Lower at Midday Wednesday Corn trade is 3 to 4 cents lower at midday Wednesday. Beans are 8 to 9 cents lower and wheat trade is 9 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 3 points higher. The dollar index is 53 points lower. The interest rate products are firmer. Energies have crude off 1.10 and natural gas up .10. Livestock trade is mostly higher. Precious metals are firmer with gold 20 higher. CORN: Corn trade is 3 to 4 cents lower at midday with trade fading back from nearby resistance levels again with choppy trade expected to continue into the New Year's break with fresh news remaining limited otherwise. Ethanol margins look to remain range-bound short term with corn and unleaded adding some strength to start the week to boost blenders with the weekly report delayed until tomorrow. Basis should remain steady towards year's end with farmer movement slow until next week. South American weather remains mostly favorable for the first crop corn. The daily wire continues to remain quiet. On the March chart, the 20-day at $4.80 is nearby resistance which we faded from overnight with the Lower Bollinger Band at $4.69 chart support just above the $4.68 1/4 fresh low scored Thursday. SOYBEANS: Soybean trade is 8 to 9 cents lower at midday with trade backing off the late session strength yesterday as better rains for the drier areas of Brazil remain in the forecast for this weekend. Meal is 4.50 to 5.50 lower and oil is narrowly mixed. The daily wire remained silent as exports seem to be shifting towards a wait and see approach. Basis is expected to remain flat to the end of the year. The January soybean chart has resistance at the 20-day at $13.15. The $12.92 recent low is nearby support, then the lower Bollinger Band at $12.87. WHEAT: Wheat trade is 9 to 14 cents lower at midday with profit taking after the sharp move high to start the week with support from the softer dollar and renewed Black Sea concerns in a low volume/higher volatility environment. The Plains will be cooler and drier 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. Matif wheat is a bit softer at midday. On the KC March Chart, resistance is at the 20-day moving average at $6.38 1/2 which we are below again at midday. Support is at the lower Bollinger Band at $6.15. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.