DTN Midday Grain Comments 12/30 11:00

DTN Midday Grain Comments 12/30 11:00 Corn, Wheat Futures Lower at Midday; Soybeans Narrowly Mixed Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are narrowly mixed; wheat futures are 1 to 3 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are narrowly mixed; wheat futures are 1 to 3 cents lower. The U.S. stock market is weaker at midday with the S&P 60 point lower. The U.S. Dollar Index is 38 points higher. The interest rate products are firmer. Energy trade is firmer with crude up .40 with natural gas .58 higher. Livestock trade is mixed. Precious metals are weaker with gold off 22.00. CORN: Corn futures are 2 to 3 cents lower at midday with trade fading off fresh highs scored early in the session with profit-taking heading toward year end and little fresh news. Ethanol margins are getting a little boost as unleaded firms and corn fades from the highs, which encourages production. Export inspections were solid at 878,380 metric tons (mt) with year-to-date pace holding at 129%. 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 $4.58 1/2 as resistance. SOYBEANS: Soybean futures are narrowly mixed with trade failing to extend the early gains with meal backing off the top of the range and short-term dryness in Argentina adding support. Meal is 1.00 to 2.00 higher and oil is narrowly mixed. South America weather is continuing the recent pattern with Brazil seeing better moisture while Argentina heads into 2025 a bit drier. The daily export wire saw 23,000 mt of soy oil sold to India. Weekly inspections were strong at 1.569 million metric tons (mmt) as we run 123% of year ago pace. Basis is expected to remain flat to firmer in the short-term. On the March chart, trade has support at the lower Bollinger Band at $9.63 with the 20-day moving average the next level of resistance at $9.88, which we are just above at midday. WHEAT: Wheat futures are 1 to 3 cents lower at midday with early gains fading again with support holding just below current action with little fresh news. The Plains should see near-normal temps and moisture into early January. Black Sea area continues to be quiet in the near term as far as fresh market moving news goes. MATIF wheat again tested the highs before fading with the spreads versus the U.S. still elevated and the dollar strength still limiting upside. Weekly export inspections were OK at 337,685 mt with year-to-date pace at 127%. On the KC March chart, support is the 20-day moving average at $5.52, which we pushed through last week, with the Upper Bollinger Band at $5.68 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.