DTN Midday Grain Comments 12/24 10:41

DTN Midday Grain Comments 12/24 10:41 Soybean Futures Higher at Midday; Wheat Lower; Corn Flat-Higher Corn futures are flat to a penny higher at midday Tuesday; soybean futures are 3 to 4 cents higher; wheat futures are 5 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Tuesday; soybean futures are 3 to 4 cents higher; wheat futures are 5 to 6 cents lower. The U.S. stock market is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 20 points higher. The interest rate products are weaker. Energy trade is firmer with crude up 1.00 with natural gas .24 higher. Livestock trade is mixed with live cattle leading. Precious metals are mixed with gold up 1.00. CORN: Corn futures are higher at midday with sideways trade expected to carry into the Christmas break. Ethanol margins continue to struggle with unleaded at the lower end of the range and corn still near the fall highs. The daily wire was quiet after the recent activity. 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 $4.39 is support, with the fresh high at $4.51 as resistance. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday with quiet range bound action expected as well with meal leading the product complex early after losing momentum Monday. Meal is 1.00 to 2.00 higher and oil is 10 to 20 points lower. South America weather is continuing the recent pattern with early harvest drawing nearer. The daily wire was quiet going into the break. Basis is expected to remain flat to firmer short term. On the January chart, trade has support at the lower Bollinger Band at $9.60, which we got back above Friday, with the 20-day the next level of resistance at $9.83. WHEAT: Wheat futures are 5 to 6 cents lower at midday with trade heading towards Christmas just below nearby resistance levels as we give back Monday's gains. The Plains look to be warmer short term before cooling back towards normal next week with some moisture potential. Black Sea area continues to be quiet near term. MATIF wheat is easing back from the highs of the range as well with spreads versus U.S. origin still firm. On the KC March Chart, resistance is the 20-day at $5.52 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.