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DTN Midday Grain Comments 12/31 10:50
Soybean, Wheat Futures Lower at Midday Wednesday; Corn Flat-Higher
Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures
are 7 to 8 cents lower; wheat futures are 1 to 5 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures
are 7 to 8 cents lower; wheat futures are 1 to 5 cents lower. The U.S. stock
market is weaker at midday with the S&P 20 points lower. The U.S. Dollar Index
is 9 points higher. The interest rate products are weaker. Energy trade is
weaker with crude off .01 and natural gas is .25 lower. Livestock trade is
firmer. Precious metals are sharply lower with gold off 45.00.
CORN:
Corn futures are flat to a penny higher in a quiet final session of the year
as we continue to grind along the lower end of the range with little fresh
news. Weekly ethanol production showed production up by 25,000 barrels per day
and stocks were up 400,000 barrels on the week. Basis will likely remain steady
into the new year. On the March chart, resistance is the 20-day moving average
at $4.44, which we faded through Tuesday, with the Lower Bollinger Band at
$4.36 as support.
SOYBEANS:
Soybean futures are 7 to 8 cents lower at midday with trade easing to fresh
lows with soft product action and little other fresh news to drive trade. Meal
is flat to 1.00 lower and oil is 30 to 40 points lower. South American weather
looks to remain mostly good with Brazil a little drier this week so far. Basis
will likely remain soft into the end of the year. On the March chart,
resistance is the 20-day moving average at $10.87, with support the $10.57
fresh low.
WHEAT:
Wheat futures are 1 to 5 cents lower at midday with trade fading back toward
the lower end of the range in broad risk-off action again Wednesday. Southern
Hemisphere harvest pressure will continue to ease in the short term. Weather
for the Plains looks to warm back up after the cold shot with better moisture
expected the second week across the Plains. MATIF wheat is narrowly mixed at
midday. On the KC March chart, support is the 20-day moving average at $5.23,
which we are just below at midday, with resistance the Upper Bollinger Band at
$5.40.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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