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DTN Midday Grain Comments 12/13 10:46
Corn, Soybean, Wheat Futures All Lower at Midday
Corn futures are 2 to 3 cents lower at midday; soybean futures are 8 to 9
cents lower; wheat futures are 2 to 7 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents lower at midday; soybean futures are 8 to 9
cents lower; wheat futures are 2 to 7 cents lower. The U.S. stock market is
mixed at midday with the S&P 8 points lower. The U.S. Dollar Index is narrowly
mixed. The interest rate products are weaker. Energy trade is mixed with crude
up .80 with natural gas .14 lower. Livestock trade is mixed. Precious metals
are weaker with gold off 26.00.
CORN:
Corn futures are 2 to 3 cents lower at midday with quiet action as we settle
into the middle of the recent range with flat to firmer spread action and
limited fresh news and spillover weakness from soybeans. Ethanol margins should
remain rangebound near-term with unleaded limiting blender margins at the lower
end of the range. The daily wire was quiet Friday. Basis action has remained
flat to weaker with more corn moving in recent days with the futures rally and
good weather. On the March chart, the 20-day moving average at 4.37 is support
with the fresh high at $4.51 as resistance.
SOYBEANS:
Soybean futures are 8 to 9 cents lower at midday with firmer spreads as we
dip back past nearby support with broad product weakness and limited bullish
news. Meal is 2.00 to 3.00 lower and oil is 30 to 40 points lower. South
America looks to see the recent pattern continue with near term concerns
remaining limited as we get deeper into the crop year. The daily wire saw
200,000 metric tons (mt) sold to unknown. Basis is expected to remain flat to
firmer in the short term. On the January chart, trade has support at the 20-day
at $9.91, which we are back below at midday with the $10.00 area remaining
resistance.
WHEAT:
Wheat futures are 2 to 7 cents lower with trade fading back to nearby
support levels with dollar strength and outside market spillover keeping
pressure on trade. The Plains look to be warmer and drier starting next week.
Black Sea conditions show little change in the short-term. MATIF wheat is
slightly higher Friday morning, holding just off the upper end of the range. On
the KC March Chart, support is the 20-day at $5.57 after pushing through it
earlier in the week with the Upper Bollinger Band at $5.77 the next level of
resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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