DTN Midday Grain Comments 12/31 10:55

DTN Midday Grain Comments 12/31 10:55 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 12 to 14 cents higher; wheat futures are 1 to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 12 to 14 cents higher; wheat futures are 1 to 3 cents higher. The U.S. stock market is weaker at midday with the S&P 13 points lower. The U.S. Dollar Index is 30 points higher. The interest rate products are weaker. Energy trade is mixed with crude up .80 with natural gas .22 lower. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 22.00. CORN: Corn futures are 4 to 5 cents higher at midday with trade pressing back toward the recent highs as we head to the end of the year with little other fresh news. Ethanol margins look to stay rangebound short-term with unleaded strength helping a little. Basis action has remained flat short-term. On the March chart, the 20-day moving average at $4.44 is support with the fresh high at $4.58 1/2 as resistance. SOYBEANS: Soybean futures are 12 to 14 cents higher at midday with March leading as it becomes front-month with meal leading the product complex again. Meal is 4.00 to 5.00 higher and oil is 5 to 15 points higher. South America weather is continuing the recent pattern with Brazil seeing better moisture while Argentina sees concerns increase into January. Basis continues to show little change in recent days. On the March chart, trade has support at the 20-day at $9.89, which we closed through Monday, with the Upper Bollinger Band at $10.14 the next level of resistance. WHEAT: Wheat futures are 1 to 3 cents higher at midday with trade working to pull further away from nearby support to end the year with row-crop spillover and euro gains keeping support in play. The Plains should see more winter-like conditions into January to push the last stands into dormancy. Black Sea area continues to be quiet near term as far as fresh market moving news goes. MATIF wheat has pushed to fresh highs for the move with the spreads versus the U.S. still elevated and the dollar strength still limiting upside. On the KC March chart, support is the 20-day moving average at $5.53, 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.