DTN Midday Grain Comments 12/05 10:48

DTN Midday Grain Comments 12/05 10:48 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 3 to 4 cents higher at midday Thursday; soybeans are 7 to 8 cents higher; wheat futures are 7 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Thursday; soybeans are 7 to 8 cents higher; wheat futures are 7 to 10 cents higher. The U.S. stock market is mixed at midday with the S&P flat. The U.S. Dollar Index is 43 points lower. The interest rate products are weaker. Energy trade is mixed with crude down .10 with natural gas up .08. Livestock trade is mostly lower. Precious metals are weaker with gold off 10.00. CORN: Corn futures are 3 to 4 cents higher at midday with trade pressing back towards nearby resistance levels with firm spread action after early weakness as the recent range stays intact. Ethanol margins are narrowing a bit with corn firming and unleaded staying at the lower end of the range. Fall fertilizer and tillage should move along in much of the belt with warmer weather into the weekend. The daily wire was quiet Thursday with weekly sales remaining strong at 1.732 million metric tons (mmt), up 4% from the 4-week average. Basis action has been mixed short term. On the March chart the 20-day moving average at 4.35 is resistance with the Lower Bollinger Band at $4.25 as support. SOYBEANS: Soybean futures are 7 to 8 cents higher at midday with trade still working a bit below nearby resistance with oil leading the product complex. Meal is flat to 1.00 lower and oil is 80 to 90 points higher. South America looks to see the recent pattern continue with Brazil still the drier area short term. The daily wire saw 136,000 metric tons (mt) sold to China with weekly sales strong at 2.313 million metric tons (mmt) of beans, up 17% from the recent average, with meal at 276,000 mt, and oil at 19,500 mt. Basis is expected to remain flat to firmer short term. On the January chart, trade has resistance at the 20-day at $9.97 with the Lower Bollinger Band at $9.66 as support. WHEAT: Wheat futures are 7 to 10 cents higher at midday with KC wheat taking the lead during the day session with action still just below nearby resistance. The Plains are expected to be a bit warmer and drier short term, but no major threats are expected for now. MATIF wheat is working solidly higher Thursday, with the dollar needing further weakness to drive a bigger breakout. Weekly export sales remained rangebound at 378,200 mt, off 10% from the recent average. On the KC March Chart, support is the recent low at 5.34 and resistance the 20-day at $5.55. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.