DTN Midday Grain Comments     12/29 10:45

   Corn, Soybean Futures Lower at Midday Monday; Wheat Flat-Lower

   Corn futures are 6 to 7 cents lower at midday Monday; soybean futures are 8 
to 9 cents lower; wheat futures are flat to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents lower at midday Monday; soybean futures are 8 
to 9 cents lower; wheat futures are flat to 6 cents lower. The U.S. stock 
market is weaker at midday with the S&P 30 points lower. The U.S. Dollar Index 
is 8 points higher. The interest rate products are firmer. Energy trade is 
firmer with crude up 1.45 and natural gas is .22 higher. Livestock trade is 
firmer. Precious metals are sharply lower with gold off 200.00.

CORN:

   Corn futures are 6 to 7 cents lower at midday with broad commodity weakness 
as we fade back from the upper end of the range tested to end the week with 
mostly risk off action this morning. Ethanol margins will continue to be 
limited by unleaded at the lower end of the range. The export wire was quiet 
again to start the week. Basis will likely remain steady into the new year. 
Weekly export inspections remain solid at 1.301 million metric tons (mmt), 
keeping year-to-date pace at 166%. On the March chart, support is the 20-day 
moving average at $4.45, with the Upper Bollinger Band at $4.52 as resistance.

SOYBEANS:

   Soybean futures are 8 to 9 cents lower at midday with meal leading products 
lower after early strength as we continue to consolidate the lower end of the 
range after the late week bounce fizzled. Meal is 3.00 to 4.00 lower and oil is 
narrowly mixed. South American weather looks to remain mostly good with 
Argentina in better shape in recent days. Basis will likely remain soft into 
the end of the year. The daily wire saw 100,000 metric tons (mt) sold to Egypt 
with weekly export inspections continuing to lag at 750,312 mt, keeping 
year-to-date pace at 54%. On the March chart, resistance is the 20-day moving 
average at $10.91, with support the $10.61 recent low.

WHEAT:

   Wheat futures are flat to 6 cents lower at midday with trade edging back 
from the upper end of the recent trade with the risk off action this morning. 
Southern Hemisphere harvest pressure will continue to ease short term. Weather 
for the Plains looks to warm back after the cold shot with better moisture 
expected the second week. MATIF wheat is flat to start the week. Weekly export 
inspections were OK at 302,096 mt, keeping year-to-date pace at 122%. 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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