DTN Midday Grain Comments     12/10 10:43

   Corn, Wheat Futures Lower at Midday Wednesday; Soybeans Higher

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are 3 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are 3 to 8 cents lower. The U.S. stock 
market is mixed at midday with the S&P 5 points higher. The U.S. Dollar Index 
is 15 points lower. The interest rate products are firmer. Energy trade is 
mixed with crude .50 lower and natural gas is .5 higher. Livestock trade is 
firmer after early strength. Precious metals are mixed with gold down 12.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday with trade staying rangebound 
overall after giving back the post-report strength Tuesday. On the WASDE 
report, we saw corn carryout fall to 2.029 billion bushels (bb) from 2.154 bb 
last month with world stocks down slightly and South American production 
unchanged. Weekly ethanol production showed production down 21,000 barrels per 
day and stocks unchanged. The export wire was quiet today. 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 below at midday, with the Upper Bollinger Band at $4.54 as the next round 
up.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher with two-sided action during the day 
session after seeing some positive export news to slow the recent selling. Meal 
is narrowly mixed, and oil is flat to 10 points higher. On the report, carryout 
was unchanged at 290 million bushels (mb) with world stocks and South American 
production unchanged. Tariff aid payments were announced to be completed by the 
end of February with the exact formula released by the end of the month. South 
American weather has eased short-term dryness with overall concerns still 
limited. 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 
136,000 metric tons (mt) to China; 119,000 mt to unknown; 212,000 mt to 
unknown; and 120,000 mt of meal to Poland. On the January chart, resistance is 
the 20-day moving average at $11.24, with support the 10.81 1/2 fresh low 
scored overnight.

WHEAT:

   Wheat futures are 4 to 8 cents lower at midday with action continuing to 
grind along the lower end of the range, with little other fresh news to entice 
buyers right now along with good early Southern Hemisphere harvest. On the 
report, carryout was unchanged at 901 mb with world stocks edging a bit higher. 
Weather for the Plains should warm a bit short term, but the crop should be 
solidly dormant. 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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