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DTN Midday Grain Comments     12/04 10:51

   Corn and Wheat Futures Higher Midday Monday

   Corn trade is 2 to 3 cents higher; beans are narrowly mixed and wheat trade 
is 8 to 21 cents higher. 

David M. Fiala
DTN Contributing Analyst


   Corn trade is 2 to 3 cents higher; beans are narrowly mixed and wheat trade 
is 8 to 21 cents higher. The U.S. stock market is weaker with the S&P 42 points 
lower. The U.S. Dollar Index is 0.50 higher. Interest rate products are weaker. 
Energies are flat to weaker with crude off $0.35 and natural gas off $0.14. 
Livestock trade is mixed. Precious metals are sharply lower with gold off 


   Corn trade is 2 to 3 cents higher at midday Monday with trade edging through 
nearby resistance levels at midday with flat to firmer spread action. Ethanol 
margins are narrowing a bit with corn bouncing and unleaded remaining near the 
low end of the range. Basis should remain steady short term with the roll to 
March complete. The daily wire showed 267,044 metric tons sold to Mexico with 
weekly export inspections stronger at 1.158 million metric tons. South American 
weather should see little change in the immediate term with the extended 
forecast looking wetter. On the March chart, the 20-day at $4.85 is nearby 
resistance, which we are just above with the fresh low at $4.70 1/2 as support.


   Soybean trade is narrowly mixed at midday with trade firming a bit off the 
early lows as we remain at the lower end of the range with product action 
trying to find footing as we watch for further weather developments in South 
America. Meal is $1.00 to $2.00 higher and oil is 0.30 cent to 0.40 cent 
higher. The daily wire remained active with 183,000 metric tons of meal sold to 
Philippines with weekly export inspections disappointing at 1.109 million 
metric tons. Basis continues to drift sideways short term. The South American 
weather pattern will be watched for confirmation of the expected uptick in rain 
at the end of the two-week forecast. The January soybean chart has resistance 
at the 20-day at $13.54, with the lower Bollinger Band at $13.14 as support.


   Wheat trade is 8 to 21 cents higher with Chicago leading action after 
pushing through nearby resistance last week with China securing 440,000 metric 
tons of soft wheat on the daily wire as trade consolidates further above nearby 
resistance. The Plains should see mostly seasonal to slightly warmer weather in 
the short term. World weather has shown little change in recent days with 
little concern in the Northern Hemisphere for now. Matif wheat is solidly 
higher as well. Weekly export inspections were soft at 187,955 metric tons. On 
the KC March Chart, support is at the 20-day moving average at $6.37 with the 
upper Bollinger Band at $6.72 as resistance as we trade to consolidate the 
recent rebound.


   Register now for DTN's Virtual Ag Summit on Dec. 5 and 6, a virtual event 
that offers discussions of farmland values, tax advice, the latest 
technological advances, and the challenges of having a family business. On 
Wednesday, Ag Meteorologist John Baranick will give an early glimpse of what to 
expect from the weather in 2024 and Todd Hultman will give you his best 
assessment of where corn and soybean prices are headed in the year ahead.

   Register for this free event at 
Can't make it those two days? A recorded link will be provided, but you need to 


   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala.

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