DTN Midday Grain Comments 12/04 10:54

DTN Midday Grain Comments 12/04 10:54 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 7 to 9 cents lower; wheat futures are 3 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 7 to 9 cents lower; wheat futures are 3 to 6 cents lower. The U.S. stock market is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index is 18 points lower. The interest rate products are firmer. Energy trade is weaker with crude down .40 with natural gas off .05. Livestock trade is weaker. Precious metals are mixed with gold up 9.00. CORN: Corn futures are 1 to 2 cents lower at midday with trade continuing to chop along the lower end of the range with quiet action so far Wednesday. The weekly ethanol report showed production falling by 46,000 barrels per day (bpd), and stocks rising by 100,000 barrels. Fall fertilizer application should continue to catch up in the short term. Weekly export sales are expected to be in the 600,000 to 850,000 metric ton (mt) range Thursday morning. Basis action has been mixed in the short term. 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 7 to 9 cents lower at midday with trade slumping back to the lower end of the range with products unable to maintain strength along with little other fresh news. Meal is 1.00 to 2.00 lower and oil is 10 to 20 points lower. South America looks to remain in solid shape for crop development in the short term with little change to the recent pattern with Brazil a little drier than Argentina in recent days. The daily export wire saw 30,000 mt of soy oil sold to South Korea. Weekly export sales are expected to be in the 1.75 million metric ton (mmt) to 2.00 mmt range Thursday. 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 of $9.98 with the Lower Bollinger Band at $9.71 as support. WHEAT: Wheat futures are 3 to 6 cents lower at midday with choppy trade at the lower end of the range continuing with little fresh news to push action. The Plains are expected to be a bit warmer and drier in the short term but no major threats are expected. MATIF wheat is drifting lower after early strength, with needing further weakness to push action. On the KC March chart, support is the recent low at $5.34 and resistance the 20-day moving average at $5.60. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.