DTN Midday Grain Comments     12/30 10:51

   Corn Futures Lower at Midday Tuesday; Soybeans, Wheat Flat-Lower

   Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 
flat to a penny lower; wheat futures are flat to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 
flat to a penny lower; wheat futures are flat to 5 cents lower. The U.S. stock 
market is mixed at midday with the S&P 3 points higher. The U.S. Dollar Index 
is 9 points higher. The interest rate products are flat. Energy trade is firmer 
with crude up .15 and natural gas is .02 higher. Livestock trade is firmer. 
Precious metals are firmer with gold up 40.00.

CORN:

   Corn futures are 1 to 2 cents lower in quiet midday trade as we work to 
consolidate the lower end of the range into New Year's Day. Ethanol margins 
will likely see slight improvement if unleaded holds recent gains along with 
corn fading. Basis will likely remain steady into the new year. On the March 
chart, resistance is the 20-day moving average at $4.45, which we faded through 
Monday, with the Lower Bollinger Band at $4.37 as support.

SOYBEANS:

   Soybean futures are flat to a penny lower at midday with nearby support 
holding again but light buying overnight quickly faded at the start of the day 
session. Meal is flat to 1.00 lower and oil is 10 to 20 points higher. South 
American weather looks to remain mostly good with Argentina in better shape 
moisture-wise in recent days as we get deeper into the growing season. Basis 
will likely remain soft into the end of the year. The daily export wire saw 
136,000 metric tons sold to China and 231,000 metric tons to unknown 
destinations. On the March chart, resistance is the 20-day moving average at 
$10.87, with support the $10.61 recent low.

WHEAT:

   Wheat futures are flat to 5 cents lower at midday with rangebound action 
likely to continue into the end of the year with row-crop action limiting 
upside. Southern Hemisphere harvest pressure will continue to ease in the short 
term. Weather for the Plains looks to warm back up after the cold shot with 
better moisture expected the second week. MATIF wheat is narrowly mixed 
Tuesday. On the KC March chart, support is the 20-day moving average at $5.23, 
which we are testing at midday, 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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