DTN Midday Grain Comments     12/09 10:48

   Corn Futures Flat-Higher at Midday Tuesday; Soybeans Lower; Wheat Mixed

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 6 to 7 cents lower; wheat futures are lightly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 6 to 7 cents lower; wheat futures are lightly mixed. The U.S. stock market 
is firmer at midday with the S&P 13 points higher. The U.S. Dollar Index is 5 
points higher. The interest rate products are mixed. Energy trade is weaker 
with crude .60 lower and natural gas is .12 lower. Livestock trade is weaker 
after early strength. Precious metals are mixed with gold up 20.00.

CORN:

   Corn futures trade is flat to a penny higher at midday with overall 
rangebound action continuing pre-report with little other fresh news. On the 
WASDE report, trade is looking for 2.129 billion bushels (bb) ending stocks 
versus 2.154 bb last month with no yield update expected. Ethanol margins are 
seeing a little pressure from unleaded fading back to the lower end of the 
range. Basis will likely remain steady to firm with good nearby demand and poor 
weather slowing movement. On the March chart, support is the 20-day moving 
average at $4.45 3/4, which we are just below at midday, with the Upper 
Bollinger Band at $4.54 as the next round up.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower at midday with meal the downside as 
we see action getting closer to closing the fall gap left on the move higher 
earlier in the fall. Meal is 2.50 to 3.50 lower and oil is 10 to 20 points 
lower. On the report, trade is looking for 308 million bushels (mb) of carryout 
versus 290 mb last month. Tariff aid payments were announced to be completed by 
the end of February with the exact formula released by the end of the month. 
South American weather has eased short-term dryness with overall concerns still 
limited. Basis gains will likely remain soft in the short term as crush gains 
fade and export shipments continue to lag overall. On the January chart, 
resistance is the 20-day moving average at $11.30, that we failed to hold above 
again Monday, with support the $10.86 1/4 fresh low scored overnight.

WHEAT:

   Wheat trade is narrowly mixed at midday with spring wheat leading in quiet 
pre-report trade with limited spillover from row crops pre-report. On the 
report, trade is looking for carryout at 889 mb versus 901 mb last month. 
Weather for the Plains should warm a bit in the short term but the crop should 
be solidly dormant. MATIF wheat is weaker Tuesday morning. On the KC March 
chart, resistance is the 20-day moving average at $5.34, which we tested 
overnight, with the support at the lower Bollinger Band at $5.20.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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