DTN Midday Grain Comments     12/05 10:59

   Corn, Soybean, Wheat Futures Lower at Midday Friday

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 8 
to 9 cents lower; wheat futures are 4 cents lower to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 8 
to 9 cents lower; wheat futures are 4 cents lower to 2 cents higher. The U.S. 
stock market is firmer at midday with the S&P 9 points higher. The U.S. Dollar 
Index is 10 points higher. The interest rate products are weaker. Energy trade 
is firmer with crude .30 higher and natural gas is .33 higher. Livestock trade 
is mostly higher with hogs leading. Precious metals are mixed with gold flat.

CORN:

   Corn futures are 2 to 3 cents lower with rangebound action continuing with 
little fresh news to excite the market and light early buying fading again. 
Ethanol margins have gotten a little boost from unleaded stabilizing keeping us 
rangebound. The export wire was quiet after yesterday's sales. Basis will 
likely remain steady to firm with good nearby demand and poor weather slowing 
movement. On the March chart support is the 20-day at $4.44 which we are just 
above at midday with the Upper Bollinger Band at $4.54 as the next round up.

SOYBEANS:

   Soybean futures are 8 to 9 cents lower with early two-sided action turning 
negative as meal leads products lower. Meal is 1.00 to 2.00 lower and oil is 
flat to 10 points higher. South American weather continues to keep concerns 
limited for now with some dry pockets persisting but a better forecast ahead. 
Basis gains will likely remain soft short term as crush gains fade and export 
shipments continue to lag overall. The daily wire saw 462,000 metric tons sold 
to China. On the January chart resistance is the 20-day at 11.30 that we failed 
to hold above again yesterday, with support the Lower Bollinger Band at 11.07 
1/2 which we are just above at midday.

WHEAT:

   Wheat futures are 4 cents lower to 2 cents higher with rangebound action 
likely to continue short term as buyers and sellers remain reluctant to commit 
to driving action in a bigger way. 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 at $5.34 which we are 
tested overnight with the support at the lower Bollinger Band at $5.20 which we 
bounced from last week.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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