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DTN Midday Grain Comments 12/22 10:50
Corn, Soybean, Wheat Futures All Higher at Midday Monday
Corn futures are 1 to 2 cents higher at midday Monday; soybean futures are 3
to 4 cents higher; wheat futures are 2 to 6 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Monday; soybean futures are 3
to 4 cents higher; wheat futures are 2 to 6 cents higher. The U.S. stock market
is firmer at midday with the S&P 40 points higher. The U.S. Dollar Index is 34
points lower. The interest rate products are weaker. Energy trade is mixed with
crude 1.15 higher and natural gas is .17 lower. Livestock trade is broadly
firmer. Precious metals are sharply higher with gold up 84.00.
CORN:
Corn futures are 1 to 2 cents higher at midday with trade finding light
buying with broad commodity strength out of the weekend as we hold above nearby
support. Ethanol margins look to remain flat with unleaded firming to help
blenders into the holiday. Weekly export inspections were very strong at 1.744
million metric tons (mmt), keeping year-to-date pace at 168%. Basis will likely
remain steady to softer into the holiday weeks. On the March chart, support is
the 20-day moving average at $4.43 1/4, which we closed just above Friday, with
the Upper Bollinger Band at $4.51 as resistance.
SOYBEANS:
Soybean futures are 3 to 4 cents higher at midday with oversold conditions
starting to ease with broad product strength as oil leads. Meal is flat to 1.00
higher and oil is 30 to 40 points higher. South American weather looks to
remain mostly good into the end of the month with some drier pockets short
term. Basis will likely remain soft into the end of the year. The daily export
wire saw sales of 396,000 metric tons to China. Weekly export inspections were
still sluggish at 870,199 metric tons, keeping year-to-date pace at 54%. On the
January chart, resistance is the 20-day moving average at $11.06, with support
the $10.47 fresh low Friday.
WHEAT:
Wheat futures are 2 to 6 cents higher at midday with winter wheats leading
as KC action is again testing nearby resistance after the rebound last week.
Southern Hemisphere harvest will start heading to the homestretch soon. Weather
for the Plains looks warmer than normal through December with more normal
moisture forecasted in the extended outlook for many. MATIF wheat is lightly
higher Monday morning. Weekly export inspections were better than expected at
627,443 metric tons, keeping year-to-date pace at 123%. On the KC March chart,
resistance is the 20-day moving average at $5.22, with support at the fresh low
at $5.03.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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