DTN Midday Grain Comments 12/19 10:43

DTN Midday Grain Comments 12/19 10:43 Corn Futures Mixed at Midday; Soybeans Higher, Wheat Lower Corn futures are narrowly mixed at midday; soybean futures are 4 to 5 cents higher; wheat futures are 6 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S & P 41 points higher. The dollar index is 27 points higher. The interest rate products are weaker. Energy trade is mixed with crude off .50 with natural gas 0.16 higher. Livestock trade is mostly lower. Precious metals are weaker with gold off 48.00. CORN: Corn futures are mixed at midday with trade holding at nearby support levels in quiet trade with spread action firmer. The Fed cut rates a quarter point as expected but backed off future cut projections. Ethanol margins remain stable short term with a little boost from the pull back in corn. The daily wire was quiet with weekly sales solid at 1.17 million metric tons of old crop which was 10% off the 4-week average, and 2,500 of new. Basis action is expected to remain flat to weaker towards the end of the year. On the March chart the 20-day moving average at 4.38 is support which we are just below overnight with the fresh high at $4.51 as resistance. SOYBEANS: Soybean futures are 4 to 5 cents higher at midday with mixed product action as trade tries to consolidate after the early week washout to fresh lows with better short covering during the day session. Meal is 2.50 to 3.50 higher and oil is flat to 10 points higher. South America weather is expected to remain mostly good short term with the Brazilian real remaining at 5-year lows. The daily wire saw 227,200 metric tons received by unknown with weekly sales solid at 1.42 million metric tons of beans off 27% from 4-week average, 261,600 of meal, and 6,000 of oil. Basis is expected to remain flat to firmer short term. On the January chart, trade has resistance the lower Bollinger Band at 9.68 which we fell below at midday then the fresh lows at $9.45. WHEAT: Wheat futures are 6 to 9 cents lower at midday with the dollar strength pushing trade back to the lower end of the range again. The plains look to be warmer into the end of month with better moisture possibilities the second week. Black Sea conditions show little change short term after the poor start to the fall. MATIF wheat is backing off the recent highs with spreads vs. US origin near the fall highs. Weekly export sales were stronger at 457,900 metric tons, up 16% from the 4-week average. On the KC March Chart resistance is the 20-day at $5.56 with the Lower Bollinger Band at 5.37 as support. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.