DTN Midday Grain Comments 12/23 12:03

DTN Midday Grain Comments 12/23 12:03 Soybean Futures Lower at Midday; Wheat Higher; Corn Flat-Higher Corn futures are flat to a penny higher at midday Monday; soybean futures are 3 to 4 cents lower; wheat futures are 5 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Monday; soybean futures are 3 to 4 cents lower; wheat futures are 5 to 8 cents higher. The U.S. stock market is mixed at midday with the S&P 1 point lower. The U.S. Dollar Index is 65 points higher. The interest rate products are weaker. Energy trade is weaker with crude off .70 with natural gas .09 lower. Livestock trade is mixed with feeder cattle leading. Precious metals are mixed with gold off 19.00. CORN: Corn futures are flat to a penny higher at midday with trade back to testing the top of the range with mixed spread action as thin trade is expected going into Christmas. Ethanol margins continue to see a bit of pressure with corn strength and unleaded unable to move off the lower end of the range. The daily export wire saw 132,000 metric tons (mt) of corn sold to unknown destinations. Weekly export inspections were solid at 1.123 million metric tons (mmt) with year-to-date pace 127% of a year ago. 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 $4.38 is support, which we bounced back from, with the fresh high at $4.51 as resistance. SOYBEANS: Soybean futures are 3 to 4 cents lower at midday with the meal rally losing steam with trade pulling back from the initial overnight strength. Meal is 2.00 to 3.00 lower and oil is 15 to 25 points higher. South America weather is expected to keep issues limited in the short term with the real remaining cheap for Brazil. The daily export wire saw 132,000 mt of soybeans sold to China. Weekly export inspections were solid at 1.747 mmt. Basis is expected to remain flat to firmer in the short term. On the January chart, trade has support at the lower Bollinger Band at $9.61, which we got back above Friday, with the 20-day moving average the next level of resistance at $9.84. WHEAT: Wheat futures are 5 to 8 cents higher at midday with trade working back toward the middle of the recent range with decent buying to start the week with euro values leading while the dollar strength limits upside. The Plains look to be warmer in the short term before cooling back toward normal next week. Black Sea area has had little fresh news lately, politically or otherwise. MATIF wheat is solidly higher to start with the spreads versus the U.S. firming again. Weekly export inspections were solid at 403,719 mt. On the KC March chart, resistance is the 20-day moving average at $5.52, which we are testing at midday, 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.