DTN Midday Grain Comments     12/18 10:47

   Corn, Wheat Futures Higher at Midday Thursday; Soybeans Lower

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
4 to 5 cents lower; wheat futures are 2 to 9 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
4 to 5 cents lower; wheat futures are 2 to 9 cents higher. The U.S. stock 
market is firmer at midday with the S&P 90 points higher. The U.S. Dollar Index 
is 5 points lower. The interest rate products are firmer. Energy trade is 
firmer with crude .50 higher and natural gas is .03 higher. Livestock trade is 
mixed with hogs leading. Precious metals are sharply higher with gold up 29.00.

CORN:

   Corn futures are 3 to 4 cent higher at midday with follow-through buying 
after the solid finish Wednesday as it pushes back above nearby resistance 
levels. 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, resistance is the 
20-day moving average at $4.42 1/4, which we are just above at midday, with the 
Lower Bollinger Band at $4.35 as support.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower with light early buying fading again 
with meal leading the product complex to start while oil remains under 
pressure. Meal is 1.00 to 2.00 higher and oil is 30 to 40 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 saw sales of 114,000 
metric tons (mt) to unknown destinations. On the January chart, resistance is 
the 20-day moving average at $11.06, with support the $10.51 fresh low scored 
Wednesday.

WHEAT:

   Wheat futures are 2 to 9 cents higher at midday with KC action continuing to 
lead trade after pushing back ahead of Chicago values for the first time in 
months on Wednesday. Southern Hemisphere harvest moving along keeps world 
supplies ample as well to keep upside limited. Weather for the Plains looks 
warmer and drier than normal for the balance of the month. MATIF wheat is 
lightly higher to start. On the KC March chart, resistance is the 20-day moving 
average at $5.23 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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