DTN Midday Grain Comments 12/29 10:47

DTN Midday Grain Comments 12/29 10:47 Corn, Beans and Wheat Lower at Midday Friday Corn trade is flat to 1 cent lower while beans are 10 to 13 cents lower and wheat trade is 4 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday Friday with the S&P 25 points lower. The dollar index is narrowly mixed. The interest rate products are weaker. Energies have crude up .40 and natural gas off .01. Livestock trade is mixed. Precious metals are weaker with gold 7.50 lower. CORN: Corn trade is flat to a penny lower at midday with trade looking to remain range-bound in quiet action to end the year. Ethanol margins look to remain range-bound short term with corn and unleaded staying range-bound. Basis will likely see more action next week. South American weather remains mostly favorable for the first crop corn. The daily wire continues to remain quiet with weekly sales remaining solid at 1.24 million metric tons of old crop and 11,200 of new. On the March chart, the 20-day at $4.80 is nearby resistance which we faded from yesterday with the lower Bollinger Band at $4.69 chart support just above the $4.68 1/4 recent low. SOYBEANS: Soybean trade are 10 to 13 cents lower at midday with little change to the near-term forecast as we wait for the weekend shower activity in north Brazil along with year-end position squaring. Meal is 3.50 to 4.50 lower and oil is 20 to 30 points lower. The daily wire remained silent as exports seem to be shifting towards a wait-and-see approach on weather and needs with weekly sales mixed at 983,900 metric tons, meal was 268,500 old, 100 new and 900 of oil. Basis is expected to remain flat into the end of the year. The March soybean chart has resistance at the 20-day at $13.25 which we faded from yesterday. The $12.99 recent low is nearby support then the lower Bollinger Band at $12.98. WHEAT: Wheat trade is 4 to 8 cents lower with trade working to consolidate recent gains with the dollar remaining at the lower end of the range and little fresh news other than some Black Sea premium being put back in this week. 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 ongoing. Matif wheat is a bit firmer this morning. Weekly export sales were mediocre at 276,400 metric tons of old crop and 41,600 of new. On the KC March Chart, resistance is at the 20-day moving average at $6.43 1/2 which we are back below at midday after testing it early in the session. Support is at the lower Bollinger Band at $6.17. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.