DTN Midday Grain Comments 12/16 10:53

DTN Midday Grain Comments 12/16 10:53 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 2 to 4 cents lower; wheat futures are 2 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 2 to 4 cents lower; wheat futures are 2 to 6 cents higher. The U.S. stock market is mixed at midday with the S&P 25 points higher. The U.S. Dollar Index is 11 points lower. The interest rate products are weaker. Energy trade is weaker with crude off .60 with natural gas .07 lower. Livestock trade is mixed. Precious metals are mixed with gold off 5.00. CORN: Corn futures are 2 to 3 cents higher at midday to start the week with flat to firmer spread action as we continue to hold the recent range with little fresh news to start the week. Ethanol margins should continue to remain rangebound ahead of Christmas travel with unleaded softening again to limit blenders. Weekly export inspections were solid at 1.130 million metric tons (mmt), with year-to-date pace still strong at 131%. Basis action is expected to remain flat to weaker toward the end of the year. 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 2 to 4 cents lower at midday with early gains fading again with meal leading the product complex and nearby resistance holding again. Meal is 2.50 to 3.50 higher and oil is 85 to 95 points lower. South America looks to see the recent pattern continue with major concerns still few and far between. Weekly export inspections remained solid at 1.676 mmt. 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 $9.91, which we have faded back from, with the lower Bollinger Band at $9.77 as support. WHEAT: Wheat futures are 2 to 6 cents higher at midday with KC action leading as we bounce off nearby support and follow euro values higher to start the week. The Plains look to be warmer and drier for the balance of December. Black Sea conditions show little change in the short term, keeping support in play. MATIF wheat is solidly higher this morning, testing the recent highs. Weekly export inspections were rangebound at 298,075 metric tons. On the KC March chart, support is the 20-day moving average at $5.57, which is where we closed Friday, 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.