DTN Midday Grain Comments 12/20 10:52

DTN Midday Grain Comments 12/20 10:52 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 4 to 5 cents higher at midday; soybean futures are 11 to 12 cents higher; wheat futures are flat to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday; soybean futures are 11 to 12 cents higher; wheat futures are flat to 2 cents higher. The U.S. stock market is firmer at midday with the S&P 83 points higher. The U.S. Dollar Index is 55 points lower. The interest rate products are firmer. Energy trade is mixed with crude off .05 with natural gas .05 higher. Livestock trade is sharply higher. Precious metals are firmer with gold up 39.00. CORN: Corn futures are 4 to 5 cents higher with trade pressing back to the middle of the range as we extend the Thursday rebound from the test of support with broad spillover support. Ethanol margins should continue to hold the range with holiday travel adding support, but stronger corn action is starting to weigh a bit. The daily wire saw 150,000 metric tons (mt) sold to Colombia. 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 bounced back from Thursday with the fresh high at $4.51 as resistance. SOYBEANS: Soybean futures are 11 to 12 cents higher with meal leading the product complex as we continue to rebound from the early week selloff with significant short covering after the midweek low held. Meal is 8.00 to 9.00 higher and oil is 45 to 55 points lower. South America weather is expected to remain mostly good short term with the Brazilian real remaining at near 5-year lows to boost export competitiveness. The daily wire was quiet to end the week. Basis is expected to remain flat to firmer short term. On the January chart, trade has support at the lower Bollinger Band at $9.62, which got back above overnight with the 20-day the next level of resistance at $9.84. WHEAT: Wheat futures are flat to 2 cents higher with the easing dollar helping trade find support with the rally in Euro prices, slowing for now to limit upside. The Plains look to be warmer into the end of the month with better moisture possibilities for much of the plains about a week out. The Black Sea area has had little fresh news lately, politically or otherwise. MATIF wheat is backing off the recent highs with spreads versus U.S. origin still near the fall highs. On the KC March Chart, resistance is the 20-day at $5.53 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.