DTN Midday Grain Comments     12/26 10:47

   Corn Futures Flat-Lower at Midday Friday; Soybeans Lower; Wheat Lower-Higher

   Corn futures are flat to a penny lower at midday Friday; soybean futures are 
1 to 2 cents lower; and wheat futures are 3 cents lower to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny lower at midday Friday; soybean futures are 
1 to 2 cents lower; and wheat futures are 3 cents lower to 3 cents higher. The 
U.S. stock market is mixed at midday with the S&P unchanged. The U.S. Dollar 
Index is unchanged. The interest rate products are mixed. Energy trade is mixed 
with crude down .90 and natural gas is .09 higher. Livestock trade is mixed 
with cattle leading. Precious metals are sharply higher with gold up 75.00.

CORN:

   Corn futures are flat to a penny lower at midday with easing early gains as 
we continue to consolidate above nearby support heading into the weekend. 
Ethanol margins continue to see blender stress as unleaded stays at the lower 
end of the range. The export wire was quiet again. Basis will likely remain 
steady to softer into the end of the year. On the March chart, support is the 
20-day moving average at $4.44 1/4 with the Upper Bollinger Band at $4.52 as 
resistance.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday with meal leading the 
product complex with broad early gains fading again. Meal is flat to 1.00 
higher and oil is 25 to 35 points lower. South American weather looks to remain 
mostly good into the end of the month with key growing areas in the best shape 
with some short-term dryness in northern Brazil. Basis will likely remain soft 
into the end of the year. The daily wire was quiet after the recent sales. On 
the January chart, resistance is the 20-day moving average at $10.88, with 
support the $10.47 fresh low Friday.

WHEAT:

   Wheat futures are 3 cents lower to 3 cents higher with KC action continuing 
to rebuild its premium to Chicago after trading at a discount all fall. 
Southern Hemisphere harvest pressure should ease further as progress moves as 
head. Weather for the Plains looks to cool a little from the weekend with 
short-term moisture remaining limited. MATIF wheat is lightly higher this 
morning. On the KC March chart, support is the 20-day moving average at $5.23, 
which we are consolidating above, 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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