DTN Midday Grain Comments 12/13 10:46

DTN Midday Grain Comments 12/13 10:46 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 2 to 3 cents lower at midday; soybean futures are 8 to 9 cents lower; wheat futures are 2 to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday; soybean futures are 8 to 9 cents lower; wheat futures are 2 to 7 cents lower. The U.S. stock market is mixed at midday with the S&P 8 points lower. The U.S. Dollar Index is narrowly mixed. The interest rate products are weaker. Energy trade is mixed with crude up .80 with natural gas .14 lower. Livestock trade is mixed. Precious metals are weaker with gold off 26.00. CORN: Corn futures are 2 to 3 cents lower at midday with quiet action as we settle into the middle of the recent range with flat to firmer spread action and limited fresh news and spillover weakness from soybeans. Ethanol margins should remain rangebound near-term with unleaded limiting blender margins at the lower end of the range. The daily wire was quiet Friday. Basis action has remained flat to weaker with more corn moving in recent days with the futures rally and good weather. On the March chart, the 20-day moving average at 4.37 is support with the fresh high at $4.51 as resistance. SOYBEANS: Soybean futures are 8 to 9 cents lower at midday with firmer spreads as we dip back past nearby support with broad product weakness and limited bullish news. Meal is 2.00 to 3.00 lower and oil is 30 to 40 points lower. South America looks to see the recent pattern continue with near term concerns remaining limited as we get deeper into the crop year. The daily wire saw 200,000 metric tons (mt) sold to unknown. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has support at the 20-day at $9.91, which we are back below at midday with the $10.00 area remaining resistance. WHEAT: Wheat futures are 2 to 7 cents lower with trade fading back to nearby support levels with dollar strength and outside market spillover keeping pressure on trade. The Plains look to be warmer and drier starting next week. Black Sea conditions show little change in the short-term. MATIF wheat is slightly higher Friday morning, holding just off the upper end of the range. On the KC March Chart, support is the 20-day at $5.57 after pushing through it earlier in the week with the Upper Bollinger Band at $5.77 the next level of resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.