DTN Midday Grain Comments 12/10 10:46

DTN Midday Grain Comments 12/10 10:46 Soybean Futures Higher at Midday; Corn, Wheat Flat-Higher Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures are 3 to 4 cents higher; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures are 3 to 4 cents higher; wheat futures are flat to 4 cents higher. The U.S. stock market is flat at midday with the S&P 1 point higher. The U.S. Dollar Index is 45 points higher. The interest rate products are weaker. Energy trade is mixed with crude up .60 with natural gas .09 lower. Livestock trade is mostly higher with cattle leading. Precious metals are mixed with gold up 27.00. CORN: Corn futures are flat to 1 cent higher at midday with trade holding above nearby support in quiet action as we head toward the report at 11 a.m. CST, with expectations of little changes from the prior month. 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 remain tighter with greater unleaded strength needed to boost blenders. Colder temps toward the weekend may slow remaining fall work but the warmer second week should allow for further progress. Basis action has been flat to start the week. 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 $4.43 as resistance. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday as we once again move to test nearby resistance after failing to hold gains recently with meal continuing to lead product action ahead of the report. Meal is 1.50 to 2.50 higher and oil is flat to 10 points lower. On the WASDE report, trade is looking for 473 million bushels (mb) of carryout versus 470 mb last month, with world stocks slightly higher. South America looks to see the recent pattern continue with near-term concerns remaining mostly limited. 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 $9.93, which we are just above this morning, with the Lower Bollinger Band at $9.75 as support. WHEAT: Wheat futures are flat to 4 cents higher at midday as we try to consolidate KC action back above nearby resistance after the rebound from the low end of the range. The Plains are expected to remain mostly above normal with moisture limited in the days ahead. 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 should remain supportive into early winter. MATIF wheat is firmer at midday with the dollar moving back to the upper end of the range. 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 holding just above. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.