DTN Midday Grain Comments     12/23 10:50

   Soybean Futures Higer at Midday Tuesday; Corn, Wheat Mixed

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 1 to 
2 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 1 to 
2 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
firmer at midday with the S&P 15 points higher. The U.S. Dollar Index is 20 
points lower. The interest rate products are mixed. Energy trade is mixed with 
crude flat and natural gas is .19 higher. Livestock trade is mixed with hogs 
leading. Precious metals are sharply higher with gold up 21.00.

CORN:

   Corn futures are narrowly mixed at midday with action holding just below the 
upper end of the recent range as volume thins out ahead of Christmas. Ethanol 
margins look to remain flat with unleaded firming to help blenders into the 
holiday. Basis will likely remain steady to softer into the holiday weeks. On 
the March chart, support is the 20-day moving average at $4.44 1/4 with the 
Upper Bollinger Band at $4.51 as resistance.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday as we look for additional 
light short-covering into the break as we eased oversold conditions and meal 
develops better strength at midday. Meal is 3.00 to 4.00 higher and oil is 25 
to 35 lower. 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. On the January chart, resistance is the 20-day moving 
average at $10.95, with support the $10.47 fresh low Friday.

WHEAT:

   Wheat futures are narrowly mixed with KC trade continuing to challenge 
nearby resistance with the cheaper dollar adding support with fresh news 
otherwise limited. 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 
during the second week. MATIF wheat is lightly higher Tuesday morning. On the 
KC March chart, resistance is the 20-day moving average at $5.22, which we are 
just above at midday, with the 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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