DTN Midday Grain Comments     12/24 10:50

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 9 to 10 cents higher; wheat futures are 2 to 7 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 9 to 10 cents higher; wheat futures are 2 to 7 cents higher. The U.S. stock 
market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index 
is 3 points higher. The interest rate products are firmer. Energy trade is 
mixed with crude flat and natural gas is .11 lower. Livestock trade is mostly 
lower. Precious metals are weaker with gold off 15.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade pressing back 
toward the next level of nearby resistance with flat to soft spread action in 
quiet session into the break. Ethanol margins are seeing a little pressure from 
corn gains as unleaded remains at the lower end of the range. 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 $4.52 
as resistance.

SOYBEANS:

   Soybean futures are 9 to 10 cents higher at midday with meal leading the 
product complex heading into the break as we continue to ease oversold 
conditions. Meal is 3.00 to 4.00 higher and oil is 35 to 45 points higher. 
South American weather looks to remain mostly good into the end of the months 
with key growing areas in the best shape. Basis will likely remain soft into 
the end of the year. On the January chart, resistance is the 20-day moving 
average at $10.88, with support the $10.47 fresh low Friday.

WHEAT:

   Wheat futures are 2 to 7 cents higher with winter wheats leading again as KC 
pushes back past nearby resistance this morning and Chicago gets closer to 
testing its resistance as well. Southern Hemisphere harvest will start heading 
to the homestretch soon. Weather for the Plains looks to cool a little from the 
weekend with short term moisture remaining limited. MATIF wheat is lightly 
higher Wednesday morning. 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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