DTN Midday Grain Comments     12/26 10:52

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 5 to 6 cents higher at midday Thursday; soybean futures are 
10 to 13 cents higher; wheat futures are 5 to 6 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Thursday; soybean futures are 
10 to 13 cents higher; wheat futures are 5 to 6 cents higher. The U.S. stock 
market is flat at midday with the S&P 4 points lower. The U.S. Dollar Index is 
5 points lower. The interest rate products are weaker. Energy trade is mixed 
with crude up .10 with natural gas .20 lower. Livestock trade is mostly higher 
with feeder cattle leading. Precious metals are firmer with gold up 15.00.

CORN:

   Corn futures are 5 to 6 cents higher at midday with softer spread action as 
we see broad risk-on trade in grains after the break with volume remained 
limited. The weekly ethanol report is expected to show steady production and 
stocks when released Friday with margins under pressure from corn strength. 
Weekly export sales delayed until Friday with expectations of sales in the 
800,000 to 1.0 million metric ton (mmt) range. Basis action is expected to 
remain flat to weaker toward the end of the year. On the March chart, the 
20-day moving average at $4.39 is support with the fresh high at $4.53 3/4 as 
resistance.

SOYBEANS:

   Soybean futures are 10 to 13 cents higher with meal leading the product 
complex with a gap higher move with production disruptions from an Illinois 
plant boosting buyers along with a little drier weather in Argentina. Meal is 
10.00 to 11.00 higher and oil is 10 to 20 points lower. South America weather 
is continuing the recent pattern with potential remaining strong, especially in 
Brazil, but the short-term forecast in Argentina has drifted lower. Weekly 
export sales are expected in the 1.0 mmt to 1.25 mmt range Friday. Basis is 
expected to remain flat to firmer in the short term. On the January chart, 
trade has support at the lower Bollinger Band at $9.60, which we got back above 
Friday, with the 20-day moving average the next level of resistance at $9.83.

WHEAT:

   Wheat futures are 5 to 6 cents higher with trade following row-crops higher 
and working back to nearby resistance levels. The Plains should see near-normal 
temps and moisture into early January. The Black Sea area continues to be quiet 
in the near term from a fresh news perspective. MATIF wheat is still closed for 
the holiday with spreads still near the fall high. Weekly export sales are 
expected to be in the 200,000 to 400,000 metric ton range. On the KC March 
chart, resistance is the 20-day moving average at $5.51, which we are just 
below at midday, with the Lower Bollinger Band at $5.34 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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