DTN Midday Grain Comments 12/02 10:52

DTN Midday Grain Comments 12/02 10:52 Wheat Futures Higher at Midday; Soybeans Lower; Corn Flat-Higher Corn futures are flat to a penny higher at midday Monday; soybean futures are 8 to 9 cents lower; wheat futures are 1 to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Monday; soybean futures are 8 to 9 cents lower; wheat futures are 1 to 3 cents higher. The U.S. stock market is mixed at midday with the S&P 11 points higher. The U.S. Dollar Index is 55 points higher. The interest rate products are firmer. Energy trade is mixed with crude up .15 with natural gas off .12. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 14.00. CORN: Corn futures are flat to a penny higher with trade edging back from the lower end of the recent range with flat to firmer spread action to start December. Ethanol margins should remain stable in the short term with usage slipping a bit between holidays. Fall fertilizer application should work better as temps moderate into early December for most. Weekly export inspections were solid at 935,859 metric tons (mt) with year-to-date pace at 131% on the marketing year. Basis action will likely firm a bit into early December. On the March chart, the 20-day moving average at $4.35 is resistance with the Lower Bollinger Band at $4.26 as support. SOYBEANS: Soybean futures are 8 to 9 cents lower with trade continuing to grind along the lower end of the range with flat spread action to start December and early product strength fading. Meal is 3.00 to 4.00 lower and oil is 25 to 35 points lower. South America looks to remain in solid shape for crop development in the short term. The daily export wire saw 134,000 mt sold to China. Weekly export inspections were strong at 2.088 million metric tons (mmt) with year-to-date pace at 117%. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has resistance at the 20-day moving average at $10.00 with the Lower Bollinger Band at $9.71 as support. WHEAT: Wheat futures are 1 to 3 cents higher at midday with light buying as we ease oversold conditions at the lower end of the range with little fresh news. The Plains are expected to warm for most into December with further immediate moisture limited. MATIF wheat is firming back at midday, with the dollar firming but short of the recent highs. Weekly export inspections were rangebound at 296,106 mt with year-to-date pace at 132%. On the KC March chart, support is the fresh low at $5.34 and resistance the 20-day moving average at $5.64. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.