DTN Midday Grain Comments     12/11 10:49

   Corn Futures Higher at Midday Thursday; Soybeans Narrowly Mixed; Wheat 
Lower-Higher

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 2 cents lower to 2 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 2 cents lower to 2 cents higher. The U.S. 
stock market is mixed at midday with the S&P 25 points lower. The U.S. Dollar 
Index is 55 points lower. The interest rate products are firmer. Energy trade 
is weaker with crude 1.10 lower and natural gas is .35 lower. Livestock trade 
is sharply higher for cattle and hogs. Precious metals are sharply higher with 
gold up 65.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade working back 
toward the upper end of the recent range again after Wednesday's weakness with 
steady to firmer spread action. Ethanol margins continue to see a bit of 
pressure with unleaded hanging out the low end of the range to pressure 
blenders. The export wire saw a sale of 186,000 metric tons (mt) sold to 
unknown. 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 $4.45 3/4, which we are just above at midday, with the Upper 
Bollinger Band at $4.54 as the next round up.

SOYBEANS:

   Soybean futures are narrowly mixed with trade working to extend the 
Wednesday reversal with meal leading the product complex today. Meal is 1.00 to 
2.00 higher and oil is 55 to 65 points lower. South American weather has eased 
short-term dryness with overall concerns still limited as the growing season 
continues to progress. Basis gains will likely remain soft in the short term as 
crush gains fade and export shipments continue to lag overall. The daily wire 
saw sales of 226,000 mt to unknown to keep the increased pace of fresh 
announcements going. On the January chart, resistance is the 20-day moving 
average at $11.21, with support the $10.81 1/2 fresh low scored Wednesday.

WHEAT:

   Wheat futures are 2 cents lower to 2 cents higher at midday with light 
two-sided action as trade continues to work just above the lower end of the 
range, with little other fresh news so far. Weather for the Plains should warm 
a bit except for this weekend with the crop likely staying dormant overall. 
MATIF wheat is weaker this morning. On the KC March chart, resistance is the 
20-day moving average at $5.31, with the support at the lower Bollinger Band at 
$5.17.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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