DTN Midday Grain Comments     12/11 10:52

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 2 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 2 to 5 cents higher. The U.S. stock 
market is firmer at midday with the S&P 50 points higher. The U.S. Dollar Index 
is 30 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.10 with natural gas .20 higher. Livestock trade is 
mostly higher with cattle leading. Precious metals are mixed with gold up 34.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade at multi-week 
highs as we work to consolidate post-report gains. On the report, carryout came 
in 200 million bushels (mb) below last month at 1.738 billion bushels (bb) on 
export strength, with world stocks falling by 7.7 million metric tons (mmt) to 
296.4 mmt. The weekly ethanol report showed production 5,000 barrels per day 
(bpd) higher and stocks 400,000 barrels lower. Colder temps toward the weekend 
may slow remaining fall fieldwork but the warmer second week should allow for 
further progress. Weekly export sales are expected to be in the 400,000 to 
700,000 metric ton (mt) range. Basis action is showing some softness with the 
board strength. On the March chart the 20-day moving average at $4.36 is 
support, which we closed solidly above Friday, with the Upper Bollinger Band at 
$4.48 as resistance, which we are just above at midday.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with trade edging higher 
after early weakness as the market looks to move past nearby resistance with 
oil leading the product complex Wednesday. Meal is narrowly mixed and oil is 40 
to 50 points higher. On the WASDE report, domestic carryout came in at 470 mb, 
unchanged from last month, with world stocks edging higher by 200,000 mt to 
131.9 mmt. South America looks to see the recent pattern continue with 
near-term concerns remaining limited. Weekly export sales are expected to be in 
the 1.25 mmt to 1.50 mmt range. Basis is expected to remain flat to firmer in 
the short term. On the January chart, trade has resistance at the 20-day moving 
average at $9.91, which we are above at midday, with the Lower Bollinger Band 
at $9.75 as support.

WHEAT:

   Wheat futures are 2 to 5 cents higher at midday with Chicago action leading 
as trade works to consolidate further through nearby resistance after a mildly 
supportive report and positive row-crop spillover. The Plains will cool a bit 
in the short term with further moisture limited as well. On the WASDE report, 
domestic carryout fell 20 mb to 795 mb with world stocks 100,000 mt higher to 
257.9 mmt. Black Sea conditions should remain supportive into early winter. 
MATIF wheat is a bit firmer Wednesday but holding recent gains. Weekly export 
sales are expected to be in the 200,000 to 350,000 mt range. On the KC March 
chart, support is the 20-day moving average at $5.56 after pushing through it 
to start the week with the Upper Bollinger Band at $5.76 the next level of 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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