DTN Midday Grain Comments 12/09 10:56

DTN Midday Grain Comments 12/09 10:56 Wheat Futures Higher at Midday; Soybeans Lower; Corn Flat-Higher Corn futures are flat to 1 cent higher at midday Monday; soybean futures are 2 to 3 cents lower; wheat futures are 5 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent higher at midday Monday; soybean futures are 2 to 3 cents lower; wheat futures are 5 to 7 cents higher. The U.S. stock market is weaker at midday with the S&P 23 points lower. The U.S. Dollar Index is 18 points lower. The interest rate products are weaker. Energy trade is firmer with crude up 1.40 with natural gas .13 higher. Livestock trade is mostly higher with cattle leading. Precious metals are firmer with gold up 32.00. CORN: Corn futures are flat to a penny higher at midday with trade working to consolidate through the nearby resistance with little other fresh news to start the week ahead of the WASDE report on Tuesday. On the report, trade is looking for carryout at 1.902 billion bushels (bb) versus 1.938 bb last month, with world stocks edging lower. Ethanol margins are getting a blending boost from unleaded rebounding. Generally warmer temps for the center of the country should keep fall fieldwork moving ahead. Weekly export inspections were solid at 1.05 million metric tons (mmt) with year-to-date pace at 132% of a year ago. Basis action has been mixed in the short term with most strength on the river system. On the March chart, the 20-day moving average at $4.35 is support, which we closed solidly above Friday with the Upper Bollinger Band at $4.44 as resistance. SOYBEANS: Soybean futures are 2 to 3 cents lower at midday with early strength fading again with meal holding gains while oil fades back to the lower end of the range with little other fresh pre-report news. Meal is 1.00 to 2.00 higher and oil is 50 to 60 points lower. On the WASDE report, trade is looking for 473 million bushels (mb) on carryout versus 470 mb last month, with world stocks slightly higher. South America looks to see the recent pattern continue with Brazil drier in recent days but still in good shape. Weekly export inspections were strong at 1.622 million metric tons (mmt) with year-to-date pace at 119%. 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 $9.94, which we faded back below at midday, with the Lower Bollinger Band at $9.72 as support. WHEAT: Wheat futures are 5 to 7 cents higher at midday with trade testing nearby resistance as well with KC action leading to start. The Plains are expected to be a bit warmer through midmonth with additional moisture limited in the short term. On the WASDE report, trade is looking for carryout at 815 mb, same as last month, with world stocks steady as well. Black Sea conditions have declined a bit into dormancy, which is adding some support. MATIF wheat is narrowly mixed to start the week, with the dollar holding in the middle of the recent range. Weekly export inspections eased at bit at 226,513 metric tons (mt) with year-to-date pace at 130% of last year. On the KC March chart, support is the recent low at $5.34 and resistance the 20-day moving average at $5.56, which we have edged above overnight. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.