DTN Midday Grain Comments 12/27 10:50

DTN Midday Grain Comments 12/27 10:50 Soybean Futures Lower at Midday; Corn, Wheat Narrowly Mixed Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 cents lower; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 cents lower; wheat futures are narrowly mixed. The U.S. stock market is flat at midday with the S&P 75 points lower. The U.S. Dollar Index is 13 points lower. The interest rate products are mixed. Energy trade is mixed with crude up .70 with natural gas .04 higher. Livestock trade is mixed. Precious metals are firmer with gold down 20.00. CORN: Corn futures are narrowly mixed at midday with trade working just below the fresh high scored early in the day session with light volume continuing. The weekly ethanol report is expected to show steady production and stocks when released later Friday morning with margins under pressure from corn strength. Weekly export sales were strong at 1.711 million metric tons, (mmt) up 39% from the 4-week average. 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 $4.39 is support with the fresh high at $4.54 3/4 as resistance. SOYBEANS: Soybean futures are 6 to 7 cents lower at midday with trade fading back to nearby support levels after the strong Thursday gains with meal gains moderating. Meal is 3.50 to 4.50 lower and oil is 25 to 35 points higher. South America weather is continuing the recent pattern with potential remaining strong, especially in Brazil, but short-term forecasts in Argentina have drifted drier into early January. Weekly export sales were softer at 978,400 metric tons (mt), off 47% from the recent average, while products were strong at 389,600 meal, and 40,400 oil. 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 $9.60 with the 20-day moving average the next level of resistance at $9.83, which we eased back below this morning. WHEAT: Wheat futures are narrowly mixed at midday as we hold just below nearby resistance with less spillover support from row crops today. The Plains should see near-normal temps and moisture into early January. The Black Sea area continues to be quiet in the near term from a fresh news perspective. MATIF wheat is slightly lower this morning with the spreads versus U.S. origin remaining wide. Weekly export sales were good at 612,400 mt, 64% ahead of recent weeks. On the KC March chart, resistance is the 20-day moving average at $5.51, which we are just below at midday, with the Lower Bollinger Band at $5.34 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.