DTN Midday Grain Comments 12/03 10:45

DTN Midday Grain Comments 12/03 10:45 Soybean, Wheat Futures Higher at Midday; Corn Flat-Lower Corn futures are flat to a penny lower at midday Tuesday; soybean futures are 4 to 6 cents higher; wheat futures are 3 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny lower at midday Tuesday; soybean futures are 4 to 6 cents higher; wheat futures are 3 to 6 cents higher. The U.S. stock market is mixed at midday with the S&P 3 points lower. The U.S. Dollar Index is 10 points lower. The interest rate products are weaker. Energy trade is mixed with crude up 1.65 with natural gas off .14. Livestock trade is firmer with cattle leading. Precious metals are firmer with gold up 7.00. CORN: Corn futures are flat to a penny lower at midday with trade pulling back from an early test of resistance with firmer spread action holding with little fresh news. Ethanol margins are seeing some blender gains with firmer unleaded values Tuesday morning. Fall fertilizer application should work better as temps moderate into early December for most with mostly dry weather for the Corn Belt this week. Basis action will likely firm a bit into early December as shipping of the existing sales catches up. 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 4 to 6 cents higher with trade pulling back from the test of resistance early in the session with broader product strength holding so far. Meal is 3.00 to 4.00 higher and oil is 60 to 70 points higher. South America looks to remain in solid shape for crop development in the short term with little change to the recent pattern. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has resistance at the 20-day at $9.98 with the Lower Bollinger Band at $9.71 as support. WHEAT: Wheat futures are 3 to 6 cents higher at midday with trade trying to develop short-covering at the lower end of the range amid oversold conditions and spillover strength from Europe. The Plains are expected to be a bit warmer and drier in the short term. MATIF wheat continues to firm back a bit more from the lower end of the range, with the dollar edging a bit lower Tuesday with a further pullback needed to entice buyers. On the KC March chart, support is the fresh low at $5.34 and resistance the 20-day moving average at $5.62. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.