DTN Midday Grain Comments     12/12 10:49

   Corn, Soybean Futures Lower at Midday Friday; Wheat Flat-Lower

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 14 
to 15 cents lower; wheat futures are flat to 2 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 14 
to 15 cents lower; wheat futures are flat to 2 cents lower. The U.S. stock 
market is weaker at midday with the S&P 85 points lower. The U.S. Dollar Index 
is 8 points higher. The interest rate products are weaker. Energy trade is 
weaker with crude .30 lower and natural gas is .13 lower. Livestock trade is 
mixed with hogs leading. Precious metals are sharply lower with gold of 6.00.

CORN:

   Corn futures are 2 to 3 cents lower in quiet trade with spread action 
remaining flat and some negative spillover from soybeans. Ethanol margins 
continue to see a bit of pressure with unleaded hanging out the low end of the 
range to pressure blenders. The daily export wire saw 250,000 metric tons (mt) 
sold to unknown destinations. Basis will likely remain steady to firm with good 
nearby demand keeping support in place. On the March chart, support is the 
20-day moving average at $4.44 1/4, which we are just below at midday, with the 
Upper Bollinger Band at $4.52 as the next round up.

SOYBEANS:

   Soybean futures are 14 to 15 cents lower at midday, fading back to fresh 
lows overnight with meal and oil both struggling and other buying enthusiasm 
remaining light. Meal is flat to 1.00 lower and oil is 75 to 85 points lower. 
South American weather has eased short-term dryness with overall concerns still 
limited as the growing season continues to progress with overall Brazil 
coverage good. Basis gains will likely remain soft in the short term as crush 
gains fade and export shipments continue to lag overall. The daily export wire 
saw sales of 132,000 mt to China, and 104,328 of meal to Mexico. On the January 
chart, resistance is the 20-day moving average at $11.19 3/4, with support the 
$10.77 1/2 fresh low Friday morning.

WHEAT:

   Wheat futures are flat to 2 cents lower at midday with trade testing the 
nearby lows again with the cheaper dollar likely to keep support in play with 
Southern Hemisphere harvest and soft row crop action keeping upside limited. 
Weather for the Plains should warm a bit after this weekend with the crop 
likely staying dormant overall even with a warmer, drier Plains forecast. MATIF 
wheat was weaker Friday morning. On the KC March chart, resistance is the 
20-day moving average at $5.29, with support at the lower Bollinger Band of 
$5.17.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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