DTN Midday Grain Comments     12/19 10:52

   Corn, Soybean Futures are Lower at Midday Friday; Wheat Mixed

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 3 
to 4 cents lower; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 3 
to 4 cents lower; wheat futures are narrowly mixed. The U.S. stock market is 
firmer at midday with the S&P 55 points higher. The U.S. Dollar Index is 20 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude .35 higher and natural gas is .07 higher. Livestock trade has cattle 
sharply higher and hogs mixed. Precious metals are sharply higher with gold up 
14.00.

CORN:

   Corn futures are 1 to 2 cents lower in quiet midday trade with action 
holding the midweek gains heading toward the weekend with little fresh news. 
Ethanol margins have seen a bit of pressure with corn values firming and 
unleaded staying at the lower end of the range. Basis will likely remain steady 
to softer into the holiday weeks. On the March chart, support is the 20-day 
moving average at $4.43 1/4, which we are testing at midday, with the Upper 
Bollinger Band at $4.51 as resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday with trade drifting into 
another set of fresh lows while oil fails again to find some footing in the 
product complex. Meal is flat to 1.00 lower and oil is 40 to 50 points lower. 
South American weather has some short-term dryness to the north and south but 
overall remains good as we get deeper into the growing season. Basis will 
likely remain soft into the end of the year. The daily export wire reported 
sales of 134,000 metric tons to China, keeping the uptick in recent activity 
going. On the January chart, resistance is the 20-day moving average at $11.06, 
with support the $10.47 fresh low scored Friday morning.

WHEAT:

   Wheat futures are narrowly mixed at midday as we look to consolidate the 
midweek rebound into the weekend with KC holding the premium to Chicago 
reestablished midweek. Southern Hemisphere harvest will start heading to the 
homestretch soon. Weather for the Plains looks warmer than normal through 
December with more-normal precip forecasts in the extended outlook for many. 
MATIF wheat is lightly higher to start the day. On the KC March chart, 
resistance is the 20-day moving average at $5.21, with the support at the fresh 
low at $5.03.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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