DTN Midday Grain Comments 12/17 10:48

DTN Midday Grain Comments 12/17 10:48 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 11 to 15 cents lower; wheat futures are 3 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 11 to 15 cents lower; wheat futures are 3 to 5 cents lower. The U.S. stock market is weaker at midday with the S&P 22 points lower. The U.S. Dollar Index is 11 points higher. The interest rate products are firmer. Energy trade is weaker with crude off 1.10 with natural gas .08 lower. Livestock trade is mixed. Precious metals are weaker with gold off 17.00. CORN: Corn futures are 3 to 4 cents lower at midday with spillover pressure from soybeans helping drag action back to the lower end of the range with flat to firmer spread action. Ethanol margins should continue to remain rangebound ahead of Christmas travel with unleaded softening again to limit blender margins. The daily export wire saw 170,400 metric tons (mt) of corn sold to Mexico. 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 11 to 15 cents lower with selling picking up into the day session and oil the downside product leader with fresh lows for the move being scored. Meal is flat to 1.00 higher and oil is 150 to 160 points lower. South American weather is expected to remain mostly good for development as early harvest starts to draw nearer with relief rains expected for the drier areas in the short term. The daily export wire saw sales of 132,000 mt of soybeans to unknown and 187,000 mt to Spain. Basis is expected to remain flat to firmer in the short term. On the January chart, resistance is the 20-day moving average at $9.91 which we have faded back from, with the lower Bollinger Band at $9.76 as support, which we are back below overnight. WHEAT: Wheat futures are 3 to 5 cents lower with trade fading back into support levels after early strength as we follow the lead of the row crops. The Plains look to be warmer into the end of month with better moisture possibilities the second week. Black Sea conditions show little change in the short term, keeping support in play. MATIF wheat faded off the fall highs as well. On the KC March chart, support is the 20-day moving average at $5.56, which we are just below at midday, 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.